 |
Re: ....County-the 91 widening...
Author: FOR: "I guess" ....
Date: 09-13-2023 - 08:11
Note also... Wrote:
-------------------------------------------------------
> Those OC toll roads were on the verge of (if not
> technically there) bankruptcy for quite a while.
> Things have recovered mainly because simply having
> a way to get there today is worth the money to a
> lot of people now. A bit ahead of their time, I
> guess.
"While the bonds are not backed by the state of California, Caltrans, which maintains the TCA’s roads, must approve any refinancing that would extend the TCA’s debt repayment schedule. In 1997, the TCA got permission to extend tolling on California 241 and two nearby toll roads (Routes 133 and 261) from 2033 to 2036, to get more time to pay off the roads’ construction costs. In 2011, the TCA was allowed to extend that time further, to 2040. In 2013 it asked for and received approval to extend tolling even longer, to 2053. As a result of stagnant driving and the TCA’s financial woes, drivers in Orange County will be paying tolls on these roads for decades longer than originally anticipated.
The TCA has also raised toll rates, which, Businessweek reported, “helped the agency’s revenue reach a record $111.8 million... even as the number of vehicles using the roads fell to a 12-year low.” The TCA’s finances show no sign of improvement -- income has been “about 75 percent of projections,” according to Businessweek."
usa.streetsblog.org/2014/09/18/southern-california-road-agency-courts-bankruptcy-with-highway-addition
-------------------------------------------------------
> Those OC toll roads were on the verge of (if not
> technically there) bankruptcy for quite a while.
> Things have recovered mainly because simply having
> a way to get there today is worth the money to a
> lot of people now. A bit ahead of their time, I
> guess.
"While the bonds are not backed by the state of California, Caltrans, which maintains the TCA’s roads, must approve any refinancing that would extend the TCA’s debt repayment schedule. In 1997, the TCA got permission to extend tolling on California 241 and two nearby toll roads (Routes 133 and 261) from 2033 to 2036, to get more time to pay off the roads’ construction costs. In 2011, the TCA was allowed to extend that time further, to 2040. In 2013 it asked for and received approval to extend tolling even longer, to 2053. As a result of stagnant driving and the TCA’s financial woes, drivers in Orange County will be paying tolls on these roads for decades longer than originally anticipated.
The TCA has also raised toll rates, which, Businessweek reported, “helped the agency’s revenue reach a record $111.8 million... even as the number of vehicles using the roads fell to a 12-year low.” The TCA’s finances show no sign of improvement -- income has been “about 75 percent of projections,” according to Businessweek."
usa.streetsblog.org/2014/09/18/southern-california-road-agency-courts-bankruptcy-with-highway-addition
