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Issuer Type: Transportation/Toll Road
M2 Sales Tax Revenue Bonds
Toll Road Revenue
On behalf of the Orange County Transportation Authority, I would like to welcome you to our investor relations website. We appreciate your interest and investment in bonds issued by the Authority, as it allows us to make critical investments in public infrastructure throughout Orange County. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.
I hope you find this website useful as you seek to better understand the credit fundamentals of the Authority. Thank you for your interest in OCTA.
Andrew Oftelie, Chief Financial Officer
Projects include widening Ortega Highway, extending Los Patrones, and adding HOV lanes near county border with San Diego County
ORANGE – The Orange County Transportation Authority continues to move forward on both a long-term study and providing near-term projects to address south Orange County’s transportation needs as the area continues to grow and travel patterns evolve.
This week, the OCTA Board of Directors received an update on progress of three projects that are the cornerstones of an agreement between OCTA, Caltrans and TCA to improve mobility in south Orange County.
Those projects include:
“We are proud to lead the way on planning and funding projects that deliver tangible benefits to the community while keeping pace with housing and employment growth,” said OCTA Chairman Andrew Do, also the county’s First District Supervisor. “We will continue to work with residents and stakeholders on transportation solutions to improve the lives of all who live, work and visit south Orange County.”
In addition to hearing about the progress of each of the projects, the OCTA board approved an agreement with San Juan Capistrano to provide $5.25 million in Measure M funding for the preparation of plans, specifications and estimates to widen the portion of Ortega Highway.
That stretch of Ortega Highway is currently one lane in each direction between Calle Entradero and Reata Road, and a notorious choke point for traffic near the eastern end of San Juan Capistrano. The project calls for it to be widened from one lane in each direction to two lanes in each direction.
OCTA is working on a funding agreement for the Ortega Highway project, which could open by 2028, with funding contributions from the County of Orange, San Juan Capistrano, the State and OCTA.
A funding agreement is expected to come back to the board in June. Final design, being led by Caltrans, is expected to be completed by late 2021.
Los Patrones Parkway
A conceptual alignment of the non-tolled extension to Los Patrones Parkway has been added to the county’s Master Plan of Arterial Highways and general plans of the city and county.
Also this week, as part of the Comprehensive Transportation Funding Program, the OCTA board awarded more than $1.8 million to help build the extension.
The preliminary engineering phase is expected to begin as early as this fall.
HOV Lanes from Pico to County Line
OCTA recently awarded a contract to prepare environmental documents for extending the carpool lanes in each direction between Avenida Pico and the border with San Diego County.
This improvement would build on the addition of six miles of carpool lane in each direction of I-5 that was added through the cities of San Juan Capistrano, Dana Point and San Clemente that opened in 2018.
The environmental phase is expected to be completed by early 2024. OCTA is planning extensive public outreach, including with residents of San Clemente and other stakeholders throughout the process.
South County Study
In addition to the three planned projects, OCTA continues work on longer-term solutions through the South Orange County Multimodal Transportation Study, which now is in the second of three phases.
OCTA staff is compiling and analyzing the results of input received so far and is planning a roundtable discussion with elected leaders from the area and other stakeholders later this year. Those efforts will help further refine what options are the locally preferred alternatives for further enhancing transportation options in the region.
For more information on that study, visit www.octa.net/southocstudy. Click on the “stay connected” tab to sign up for updates.
Measure M funds awarded on competitive basis include projects to widen streets, intersections and to synchronize signals
ORANGE – Cities throughout Orange County will receive more than $28 million in Measure M transportation funds to help ease traffic by making improvements to streets and timing of traffic lights.
The Orange County Transportation Authority board this week awarded funding for nine projects that will improve and widen busy streets and intersections, totaling $20.2 million.
Three additional projects will receive funding to synchronize traffic signals to ensure drivers hit the most green lights during peak traffic hours. That funding totals $8.5 million. The funds are available through Measure M, Orange County’s half-cent sales tax for transportation improvements, also known as OC Go.
“I’m proud that OCTA, even in the challenging times of a pandemic, is continuing to enhance Orange County’s transportation network and providing the funding necessary to keep Orange County moving,” said OCTA Chairman Andrew Do, also the county’s First District Supervisor. “Providing the funds for these many projects is another great example of how OCTA partners with cities to put local sales tax dollars to good use, and to keep our promises to voters.”
Since Measure M was renewed by voters in 2006, more than $456 million in competitive funding has been awarded to make Orange County streets and roads better. That amount includes external funding leveraged by OC Go funds. And that’s in addition to another $494 million in formula funding.
The most recent call for projects was issued by OCTA in August 2020 through the Comprehensive Transportation Funding Program, making funding available on a competitive basis for projects that will improve congested streets and synchronize traffic signals.
Project applications were reviewed for eligibility, consistency and adherence to Measure M guidelines.
Those receiving funds for projects include: Santa Ana (three projects), Yorba Linda (two projects), Garden Grove, Irvine, Orange, and the County of Orange.
Cities receiving funds for traffic signal synchronization include: Irvine, Lake Forest and Santa Ana.
Regional capacity projects include:
Signal synchronization projects include:
The complete list of projects that received funding is attached.
An updated Next 10 Delivery Plan outlines OC Go implementation through 2030
ORANGE – The Orange County Transportation Authority Board of Directors has adopted the updated Next 10 Delivery Plan, which sets a course for delivering transit, street and freeway improvements, while protecting the environment, through 2030.
Those improvements are funded by OC Go, funds made possible by the Measure M half-cent sales tax for transportation improvements, overwhelmingly renewed by voters in 2006.
“We are proud the Next 10 Plan sets a clear path to continue delivering on the Measure M promises to voters,” said OCTA Chairman Andrew Do, also the county’s First District Supervisor. “Even with the challenges of the COVID-19 pandemic, sound planning and financial management have translated directly to real benefits for Orange County’s entire transportation system. Whether you take the bus, train, drive, bike or walk, we continue working to make your trip a better one.”
The updated Next 10 Plan incorporates the latest 30-year Measure M sales tax revenue forecast of $11.6 billion through 2041. This represents a $1.8 billion decrease from the fall 2019 forecast and is due to the ongoing coronavirus (COVID-19) pandemic. Despite the public health crisis, OCTA remains committed to fulfilling the promises made through Measure M.
The Next 10 Plan will continue to advance Measure M implementation, including delivery of 14 freeway project segments, annual endowment deposits for the environmental mitigation program, return of 18 percent of funds to cities and the county for local transportation needs, and annual competitive grants to address traffic bottlenecks on streets and to synchronize traffic signals.
Additional Next 10 Plan objectives include investments in transit, including completing construction and starting service of the OC Streetcar, sustaining Metrolink service and improving stations, and enhancing mobility for seniors and persons with disabilities.
With Orange County’s population projected to increase dramatically by 2030, improvements to transit are necessary to ensure a balanced and sustainable transportation system.
Thanks to strategic investments and strong fiscal responsibility throughout the years, OCTA remains in a good financial position to uphold voter commitments and deliver transportation benefits to keep Orange County moving.
To ensure projects and programs are delivered, OCTA is carefully managing the scope and cost of projects, taking advantage of competitive construction market conditions, and pursuing external grants to supplement Measure M funds wherever possible.
For more information on the Next 10 Plan, visit www.octa.net/next10.