| Name |
Foothill / Eastern
Transportation Corridor
Agency (FETCA) |
| Location |
Orange County, California |
| Mode |
Toll Highway |
| Description |
New public toll facility
being constructed by TCA
Comprised of two principal
segments:
Eastern Transportation
Corridor (24-mile)
Foothill Transportation
Corridor (27.7-mile upon
completion)
Provides direct access between
Riverside County's residential
areas and Orange County's
southeastern suburbs and
northern San Diego County.
Initially constructed with
two to three lanes initially
in each direction with
auxiliary climbing lanes,
with future expansion capacity
in the median available
for general purposes, HOV
lanes, or transit use.
|
| Sponsor |
Foothill / Eastern
Transportation Corridor
Agency (FETCA) --
formed in 1986 to
plan, finance, construct
and operate Orange
County's 52-mile public
toll road system. |
| Cost |
$1.5 billion ($750 million in
construction) |
| Type
of Finance |
$25 million standby construction
contingency line of credit via
TE-045
$120 million standby federal
line of credit, available for
a ten-year period upon completion
of each facility, is intended
to provide limited supplemental
capital in the event that traffic
shortfalls arise with an adverse
impact on revenues (impairing
debt service coverage) during
the ramp-up phase.
$1.263 billion from fixed rate
revenue bonds
$246 million from variable rate
revenue bonds
$67 million California State
and Local Transportation Partnership
Program Funds
Interest earnings on bond proceeds
Development Impact Fees
Subordinated vendor financing
available, if needed |
| Revenue
Sources |
Tolls, Development
Impact Fees, Interest Earnings
|
| Project Delivery
/ Contract Method |
Design-build consortium;
turnkey; design-bid-build;
guaranteed maximum price
and completion date.
|
| Private
Investor Partner |
Design-build consortium
|
| Project Advisors |
Nossaman, Guthner,
Knox & Elliott, LLP |
| Lead
Underwriters |
J.P Morgan (Initial
Issuance, 1995)
Saloman Smith Barney
(Initial Issuance,
1995)
Paine Webber (Initial
Issuance, 1995)
Saloman Smith Barney
(Refunding 1999) |
| Letter
of Credit Bank |
Morgan Guaranty
Trust Co. |
| Physical
Status |
Eastern Corridor
and northern section of Foothill
Corridor are open to traffic
and performing above projections.Southern
Foothill Corridor in environmental
document development phase. |
| Financial
Status |
Refinanced 1999 |
| Innovations |
Design/Build contract terms;
securitizing Development Impact
Fee stream as a stand-alone
financing source; electronic
toll collection. |
| Related
Links / Articles |
Moody's
Credit Rating*
FITCH
Credit Report for 1999
Bond Issues**
http://www.thetollroads.com
http://www.fhwa.dot.gov/innovativefinance/appd_04.htm
|
| Contacts |
Transportation Corridor
Agencies
125 Pacifica, Suite 100
Irvine, CA - 92618-3304
TEL (949)754-3400
FAX (949)754-3467 |
| Last Review/Update |
Transportation Corridor Agencies, December 2003 |
|
THE AMERICAN ASSOCIATION OF STATE HIGHWAY AND TRANSPORTATION OFFICIALS,
AMERICAN ASSOCIATION OF STATE HIGHWAY AND TRANSPORTATION OFFICIALS,
PBCONSULT, AND MOODY'S HEREBY EXPRESSLY DISCLAIM ALL EXPRESS, IMPLIED
AND STATUTORY WARRANTIES OF ANY KIND AND MAKES NO REPRESENTATION
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PERSON OR ENTITY, AS TO THE ACCURACY. TIMELINESS, COMPLETENESS,
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OF ANY DATA PROVIDED BY MOODY'S TO ISSUER PURSUANT HERETO.
** Each Report is derived from sources believed to be accurate
and reliable. EACH REPORT IS PROVIDED "AS IS" WITHOUT
WARRANTY OF ANY KIND AND FITCH, INC., AASHTO, and PBCONSULT MAKE
NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY,
TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR
PURPOSE OF ANY REPORT. Under no circumstances shall Fitch, AASHTO,
or PBConsult have any liability to any person or entity for (a)
any loss or damage in while or in part caused by, resulting from,
or relating to, any error or other circumstance or contingency within
or outside the control of Fitch or any of its directors, officers,
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or (b) any direct, indirect, special consequential, compensatory,
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|
