Bond Program

Orange County voters first approved Measure M in 1990, establishing a 20-year, one-half cent sales tax to fund transportation improvements throughout the county. The original Measure M program, commonly referred to as M1, concluded in 2011 after delivering major freeway, street, transit, and environmental improvements.

In November 2006, Orange County voters approved the renewal of Measure M with nearly 70 percent support. The renewed program, commonly referred to as M2, extends the one-half cent transportation sales tax for 30 years, from 2011 through 2041. M2 is expected to generate approximately $13.2 billion through 2041 and supports a balanced program of freeway improvements, local streets and roads, transit services, environmental mitigation, and taxpayer safeguards.

OCTA periodically updates its delivery plan to reflect current revenues, project costs, schedules, and economic conditions. The Board of Directors adopted the 2025 Next 10 Delivery Plan in December 2025, confirming that the full M2 program remains deliverable through 2041.

OCTA’s outstanding Measure M Sales Tax Revenue Bonds consist of the Series 2019 and Series 2025 bonds. The Series 2025 bonds refunded the remaining Series 2010A Build America Bonds. Debt service is secured by Measure M sales tax revenues, subject to the provisions of the applicable bond documents.

OCTA currently anticipates that the remaining M2 program can be delivered without additional Measure M debt issuance through 2041.