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Measure M2 Sales Tax Revenue Bonds (Limited Tax Bonds) Series 2019

Bond Ratings for M2 Sales Tax Revenue Bonds
Aa2/AA+/AA+
Bonds Outstanding as of FY18
$408.0 million
Bond Ratings for 91 Express Lanes Series 2013 Bonds
A1/AA-/A+

About OCTA Investor Relations

Since its formation in 1991, the Orange County Transportation Authority (OCTA) has kept residents and commuters moving throughout the 34 cities and unincorporated areas of Orange County. OCTA’s responsibilities, programs and services impact every aspect of transportation within the state’s third largest county.

OCTA keeps people moving by reducing freeway congestion, improving safety and efficiency on our local roads, providing bus service and regional multimodal connections, helping people find ways to leave their cars home, and providing safe, convenient transportation to those with special needs.

OCTA issues long-term debt primarily to finance a portion of the capital costs of the Orange County's transportation system through the Measure M2 Program. OCTA's M2 program is primarily used to fund the costs of transportation improvements, including freeways, streets and roads throughout Orange County, as well as fund multiple transit programs. Under the M2 Program, debt is secured by a 1/2 cent voter-approved sales tax (Measure M). OCTA has primarily issued debt to fund projects under M2's Freeway Program, accounting for 43% of net sales tax revenue.  

In addition, OCTA issues long-term debt to finance the 91 Express Lanes. The 91 Express Lanes was first authorized as one of four public-private toll road projects by the State of California Legislature in 1989. Built at a cost of $135 million, the 91 Express Lanes opened in 1995. The 91 Express Lanes is a four-lane, 18-mile toll road in Orange and Riverside counties. Located in the median of SR-91 between the State Route 55 (SR-55)/SR-91 interchange and the SR-91/I-15 interchange, the toll road is jointly managed by OCTA and the RCTC. 

Strategic Plan Goals

MOBILITY - Deliver programs, projects, and services to improve the movement of people and goods throughout Orange County and the region.

PUBLIC SERVICE - Enhance customer satisfaction by understanding, connecting with and serving our diverse communities and partners. 

FISCAL SUSTAINABILITY - Ensure fiscal health through prudent financial management and by protecting and leveraging available revenue sources. 

STEWARDSHIP - Embrace responsible policies and practices designed to promote environmental sustainability and enhance the safety and quality of life in Orange County.

ORANGIZATIONAL EXCELLENCE - Continue the tradition of being a high-performing organization through employee development and efficient business practices.

Welcome Letter

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.

Sincerely,
Andrew Oftelie
Chief Financial Officer