Texas

Texas Transportation Commission (TTC) adopted a hostile policy to toll concessions at their monthly meeting today. The state's policymaking body unanimously passed a Minute Order (111358 May 29 2008) of Guiding Principles for Toll Projects and the Trans-Texas Corridor which contains a complete prohibition on non-compete clauses in toll concession projects, generally termed Comprehensive Development Agreements or CDAs in Texas. 1021 words  read more »

After months of rancorous arguments TxDOT has backed down agreeing to NTTA terms, reaching a kind of agreement on the value of the toll concession on State Highway 161 (TX161) in the south central part of the Dallas-Ft Worth metro area. Agreement on the "market valuation" of the concession with NTTA allowed construction of the road to begin today.
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North Texas Tollway Authority (NTTA) continues a protracted effort to gain a toll concession on State Highway 161 (TX161) for about $500m less than investors are willing to advance. NTTA says the project is worth $1200m or about $300m more than the $900m that the 18km (11 mile) highway will cost to build. 762 words  read more »

SH 130 Concession Company LLC finalized the legal details of a financial close with Texas DOT on a $1,360m toll concession to build SH130 segments 5&6 Thursday and Friday last week in bankers' offices in New York City - at Orrick, 666 Fifth Avenue. The actual money flows should occur on Thursday or Friday (Mar 13 or 14) this week, Jose Maria Lopez de Fuentes, president of Cintra North America, told us this morning.
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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.
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Central Texas RMA, operator of the 183A tollroad northwest of Austin TX is moving to implement video tolling, as a first step toward giving up cash collection. They expect to begin sending out video toll bills in March or April. Cash collection will continue for now.

The move to video tolling was endorsed by the board of directors of the CTRMA today.
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Longtime head of the turnpike or tolls division of Texas DOT Phil Russell has been promoted to assistant executive director of the department. He is one of three AEDs immediately under the executive director Amadeo Saenz and the deputy executive director.
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Ric Williamson chairman of the Texas Transportation Commission and a strong advocate of toll financing died of a heart attack in the early hours of this morning. Williamson, 55, was first appointed to the commission - which makes policy for TxDOT and has various executive functions - in 2001 and became its chairman in Jan 2004.
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A TxDOT letter formally requesting detailed proposals asks Trans Texas Corridor 69 bidders to focus on upgrade to interstate expressway standard of US77 in the far south of corridor. 665 words  read more »

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.
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Texas DOT are retreating from the concept of Trans Texas Corridors along the route of their #2 TTC - the planned TTC69. Further planning will focus first on upgrading existing highways with new corridor right of way a secondary option. The department is accommodating opposition to the grand - some would say grandiose - plans for wide totally new corridors sweeping across the countryside as announced by Gov Rick Perry in 2002, and pictured in the concept shown below.
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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.
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Texas Transportation Commission at their monthly meeting today (Oct 25) authorized TxDOT to call for bids to enhance, operate and toll a maze of expressways around and to the north of Dallas Fort Worth Int Airport variously called DFW Connector SH114/SH121 or the Grapevine Funnel. 487 words  read more »

The 183A tollroad on the northwest fringe of the Austin area is creating significant benefits for users and non-users alike. A survey based on before and after trip time measurements was done by HNTB for the toller Central Texas Regional Mobility Authority (CTRMA).
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Before the politicians known collectively as "the ledgie" (spelt Lege for legislature) assembled this year in Austin, Texas DOT's forward projections were that total road funds would be in the range $10b to $11b/year over the next few years, about $4b/year of that being state and federal tax based money and $6b to $7b/year would be from toll concessions based on longterm leases, known locally as CDAs. As the 727 words  read more »

Dallas area officials intervened quickly this week to neutralize the potential danger to their huge toll financing plans from the anti-toll bills of Senator Kay Bailey Hutchison (Repub Tx). They wrote to her (see NCTCOG-KBH) with all the customary flattery, thanking her for her "continued outstanding leadership" etc. 515 words  read more »