Central Texas Regional Mobility Authority (RMA) are selling $376m in toll revenue bonds to allow a start on work this summer on the Manor Expressway (US290) in the east part of the Austin metro area. 6.2 miles, 10km long it will consist of a 2x3 toll expressway lanes in the wide median of an existing 2x2 lanes surface road.
The New Jersey Turnpike Authority sold $1,850 million of bonds today at what they say is a favorable rate. They were Build America Bonds (BABs) that receive a US Government "stimulus" subsidy. The bonds yield the lenders 7.102 percent but thanks to the BAB subsidy (35%) from the federal government the cost to Turnpike is 4.62% a year. They mature in 2041. (UPDATE 2010-12-09 13:00)
The announcement compares the yields as follows:
New Jersey Turnpike's $1750m bond sale has big capital program fully financed thru mid-2010 - ED ScaccettiBy Peter Samuel on April 21, 2009
Diane Gutierrez-Scaccetti executive director at the New Jersey Turnpike Authority says that following a successful sale of an enormous $1,750m in 30 year bonds in recent days the Turnpike's big capital program is fully financed through the middle of 2010. $1375m of the bonds classified as Build America Bonds (BABs) are taxable bonds 35% subsidized by the US Government as part of the stimulus program, the other $375m were traditional municipal bonds.
Financing for the $1 billion Triangle Expressway in Raleigh NC is delayed because of the breakdown of the capital markets. North Carolina Turnpike Authority officials are saying: "Credit windows are closed right now." The Authority wants to go to the markets with about $600m of toll revenue bonds. A federal TIFIA loan would provide another $400m.