 SAN
JOAQUIN HILLS TRANSPORTATION CORRIDOR
AGENCY -
ORANGE COUNTY,
CALIFORNIA |
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 Back
to Highways |
| Name |
San Joaquin Hills Transportation
Corridor Agency |
| Location |
Orange County, California |
| Mode |
Toll Highway |
| Description |
First new public toll facility
developed by TCA
15-mile, six-lane, limited
access highway
108 total lane miles
Designed to relieve congestion
on I-405, I-5, Pacific
Coast Highway, and other
major arterials in Orange
County.
Initial design includes
six travel lanes
Median reserved for future
proposed exclusive high
occupancy vehicle (HOV)
lanes and possible transit
options
Toll operations & marketing
concessioned to private
firm
|
| Sponsor |
San Joaquin Hills Transportation
Corridor Agencies
(SJHTCA) -- formed
in 1986 to plan, finance,
construct and operate
Orange County's 15-mile
public toll road system. |
| Cost |
$1.4 billion ($790 million in
design/construction) |
| Type
of Finance |
$120 million standby federal
line of credit (through direct
1992 appropriation)
$1.079 billion Senior-lien Revenue
Bonds
$91 million Junior-lien Revenue
Bonds
$38 million Project Revenue
Certificates
$31 million Advance-funded Development
Impact Fees
$40 million California Transportation
Commission Grant
$71 million State and Local
Transportation Partnership Program
$106 million Interest Earnings
|
| Revenue
Sources |
Tolls, Development
Impact Fees, Interest Earnings |
| Project Delivery
/ Contract Method |
Design-build contract
Guaranteed maximum price
Guaranteed completion date
|
| Lead
Underwriters |
First Boston (Initial
Issuance 1993)
Smith Barney (Refunding 1997)
|
| Project
Legal Advisors |
Parsons Brinckerhoff
Quade & Douglas
Nossaman, Guthner,
Knox & Elliott,
LLP |
| Project
Financial Advisor |
Public
Resources Advisory Group |
| Lenders |
Tax_Exempt Bond Funds |
| Physical
Status |
Opened to commercial traffic
in November 1996
Currently at 76%
of projections
|
| Financial
Status |
Debt refunded 9/97
Chase Manhattan Bank, TransCore
Inc., VESystems and PRWT
providing toll collection
and revenue management
services
|
| Innovations |
First start-up toll road
financed with tax-exempt
bonds on stand-alone basis
including construction
and environmental risk.
Largest design/build transportation
construction contract.
Electronic toll collection
non-barrier system.
$120 million federal line
of credit.
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| Related
Links / Articles |
Moody's
Credit Rating*
http://www.thetollroads.com
http://www.fhwa.dot.gov/innovativefinance/appd_04.htm
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| 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 |
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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
OR WARRANTY, EXPRESS OR IMPLIED, TO ISSUER, ANY USER OR ANY OTHER
PERSON OR ENTITY, AS TO THE ACCURACY. TIMELINESS, COMPLETENESS,
TRUTHFULNESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE
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,
employees or agents in connection with the procurement, collection,
compilation, analysis, interpretational editing, transcription,
transmission, communication, publication or delivery of any Report,
or (b) any direct, indirect, special consequential, compensatory,
or incidental damages whatsoever (including without limitation,
lost profits).
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