TX121

The Sam Rayburn Tollway (TX121) is nearing completion with the opening of main toll lanes and four more ramps near the far northeast end, and work well advanced there on the last soaring ramp movements at the big interchange with US75. The interchange ramps at US75 are due to open in January 2011.

The much fought-over State Highway 121 tollroad is being formally renamed in a ceremony next week the Sam Rayburn Tollway. That will be the second major toll authority facility in  the United States named after a famous speaker of the US House of Representatives, the first having been Thomas 'Tip' O'Neill (1912-1994).

North Texas Tollway Authority (NTTA) chairman Paul Wageman is quoted: "There is very little or no credit out there right now and the access to the credit markets are almost non-existent." So they are being innovatory.

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.

North Texas Tollway Authority (NTTA) has a groundbreaking ceremony Friday Feb 22 at the heavily fought-over TX121 tollroad project north of Dallas. It's a big media show with heavy construction equipment, previews of cashless highway speed electronic tolling, and a gaggle of local politicians jostling for microphone time.

The North Texas Tollway Authority (NTTA) say they are moving toward a scheduled financial close on the SH121 toll concession with TxDOT which requires a $2.5b upfront payment to the state. The deadline precludes the traditional public authority method of putting in place permanent longterm bonds so NTTA is issuing Bond Anticipation Notes (BANs). These are bridge financing between the deadline for payment to TxDOT and their ability to sell longterm bonds.