SH121
NTTA refinances $2.4b temporary borrowings for TX121 concession (UPDATE & ADD)
Posted Thu, 2008-03-06 16:33
North Texas Tollway Authority has successfully refinanced $2.4 billion of bond anticipation notes (BANs). The sale of bonds today was heavily oversubscribed. Over 60 institutions put orders in for $16b in NTTA bonds according to Bear Stearns who organized the placement.
NTTA chairman Paul Wageman said the result was "particularly gratifying" given recent turbulence in the municipal bond markets.
1067 words read more »
$3.2b financial close on public-public toll concession for TX121
Posted Fri, 2007-11-30 16:49
TxDOT's 50 year toll concession and lease of SH121 to the North Texas Tollway Authority (NTTA) reached financial close late Thursday when the NTTA wired $3,197m into a bank account of the Texas
Department of Transportation. 725 words read more »
SH121 concession gets NTTA S&P bond rating down a notch & stuck on credit watch
Posted Thu, 2007-11-15 10:00
North Texas Tollway Authority (NTTA) has had its bond rating downgraded because of concerns about the debt it's taking on to finance its concession agreement with TxDOT on SH121. Standard and Poor's (S&P) have lowered their rating on NTTA longterm bonds from A+ to A, a high rating still. But the NTTA will remain on "Creditwatch with negative implications until NTTA clarifies its longterm plan of finance," S&P say.
382 words read more »
Roundup on Tx121 drama -Texas officials say they were forced to abort the Cintra concession
Posted Thu, 2007-08-23 19:52
Texas officials have revealed that in the past few days they discussed with the FHWA canceling the past approval of NTTA taking over SH121, together with canceling the Cintra concession. They got an assurance the cancelations would get Texas back in compliance with federal procurement law. They have sent us copies of two letters on the SH121 crisis both dated Tuesday Aug 21 TxDOT-FHWA, and FHWA-TxDOT.
1216 words read more »
»
Texas defies US Government - cancels Cintra procurement in favor of NTTA (BREAKING NEWS)
Posted Thu, 2007-08-23 09:55
The long expected abortion was performed today. Cintra's selection as concessionaire for SH121 north of Dallas was cancelled by the Texas Transportation Commission (TTC) in favor of North Texas Tollway Authority (NTTA), despite a clear warning from Federal Highway Administrator Rick Capka that this violates federal procurement law, and subjects the state to sanctions.
316 words read more »
Federal highway administrator sent blistering letter to Texas on SH121
Posted Thu, 2007-08-23 08:34
Richard Capka federal highway administrator has sent a blistering letter to Texas authorities saying the US Government will subject it to extra scrutiny for a period of two years - read: long delays - if it persists with procurement on SH121 in violation of federal contracting laws. FHWA legal counsel Robert Rae several weeks ago made criticisms of the proposed cancellation of the toll concession with Cintra in favor of the North Texas Tollway pointing out the legal problems posed. 591 words read more » »
Dallas area MPO says choice of NTTA conforms with federal rules neglecting mention of Cintra/GS selection
Posted Thu, 2007-08-09 22:28
The Dallas area metro plan organization (MPO) says it has reached agreement with the North Texas Tollway Authority (NTTA) on terms for its development of SH121, a new tollroad north of Dallas. 488 words read more »
NTTA agree to stick to private sector toll caps for SH121
Posted Thu, 2007-07-26 17:35
A draft "project agreement term sheet" approved today by the North Texas Tollway Authority board commits it to adhere to the toll rate caps of the private sector concession with TxDOT. However it provides few enforcement teeth - no binding arbitration or termination for default.393 words read more »
»
Texas commission sets difficult deadline for NTTA-RTC agreement on SH121, toll policy, handback date, payments
Posted Thu, 2007-06-28 13:54
The SH121 saga continues. It was not resolved today in favor of either NTTA or Cintra as had been expected. The Texas Transportation Commission voted a 60 day deadline for the North Texas Tollway Authority (NTTA) and the Dallas area Regional Transportation Council to reach a firm agreement on SH121, including enforcement provisions, toll rate policy, a project schedule, payment obligations, quantification of public benefits, and other matters.
1999 words read more »
TTC must defend process, confirm Cintra selection - EDITORIAL
Posted Wed, 2007-06-27 06:44EDITORIAL: It would have been convenient for the Texas Transportation Commission which meets tomorrow (Jun 28) to decide if Dallas area politicians had voted recently 27/10 in favor of Cintra, the winner of their concession procurement, instead of the other way around. Higher levels of government love to be able to say they are respecting the decisions of local government.
833 words read more »
NTTA interoperability charges criticized by TxDOT
Posted Tue, 2007-06-26 15:18
Interoperability charges were a major part of the controversy about whether NTTA or Cintra offers better value with their proposals for tolling SH121. Interoperability charges are NOT toll collection costs as several of our readers seemed to think. They are the extra costs of handling a "foreign" transaction.We asked TxDOT and NTTA for a succinct statement of the issue.
984 words read more » SH121 bids debated - NTTA takes major hits from experts, Cintra looks better bet
Posted Thu, 2007-06-14 19:48 1148 words
Texas Commission lifts bar on NTTA bid for SH121 & more on mystery memo
Posted Tue, 2007-05-15 19:53
The state's policymaking Texas Transportation Commission (TTC) lifted an August 2006 bar on the North Texas Tollway Authority (NTTA) going forward with a bid for SH121, a major new toll project north of Dallas. 686 words read more » »
NTTA threatens higher tolls on DNT & PGB to borrow for SH121 - analyst
Posted Mon, 2007-05-14 08:26
NTTA's pledge of system revenues for SH121 opens Dallas North and PGB commuters to higher toll rates, financial analysts point out. They say that the crucial distinction between the NTTA bid and Cintra/JPMorgan is that Cintra/JPM will put no lien on the existing tollroads in north Dallas. NTTA's proposal is for a system financing, they say. read more »
Topping rights & devolution put fed-$s in jeopardy - feds again on HB1892
Posted Fri, 2007-05-11 11:03
Federal Highway Administration (FHWA) chief counsel James D Ray has written again to TxDOT detailing how the toll concession bill HB1892 contains provisions that put federal support for Texas highways in jeopardy. The procurement process for a SH121 concession detailed in HB1892 providing NTTA with topping rights "seems to directly contradict" the requirements of US law requiring fair and open competition. 1280 words read more » »
TxDOT say they wrote critique of NTTA bid for SH121, KPMG-GS just reviewing it
Posted Fri, 2007-05-11 08:10
James Bass, chief financial officer of Texas Department of Transportation (TxDOT) says we erred in attributing a two-page critique of the North Texas Tollway Authority (NTTA) to KPMG/Goldman Sachs. He says it was written by TxDOT Dallas staff. TxDOT asked both KPMG and Goldman Sachs to review it and comment.
But he says this became moot once NTTA released their executive summary of their proposal.
Here is the email, we received:
213 words read more »
»
Feds wild about late NTTA intervention in SH121 - Texas in breach of federal procurement law
Posted Mon, 2007-05-07 18:50
The Federal Highway Administration (FHWA) is warning that Texas may be in breach of federal laws requiring fair and open competition if the North Texas Tollway Authority (NTTA) is allowed to belatedly intervene in the procurement for a toll concession on SH121. This may result in withholding of federal funds and the end of expedited permitting, the letter says.
NTTA's bid was announced today.
668 words read more »
»
