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Orange County Supervisor Katrina Foley released a statement following the presentation to the OCTA Board about the agency’s utilization of lower interest Bond Anticipation Notes (BAN) over additional Transportation Infrastructure Finance and Innovation Act (TIFIA) Loan funds.
“By paying off Bond Anticipation Notes through drawing down the TIFIA Loan, OCTA staff have saved the taxpayers another $27 million which created additional funding resources for mobility across Orange County,”said Supervisor Foley. “The financial capability of the OCTA staff has saved the I-405 Improvement Project more than $500M in present savings so far. This innovative financing allows us to offer three-plus years of free rides to vehicles with two or more riders on our I-405 Express lanes. OCTA’s creative approach to funding transportation projects allows us the ability to do more creative and sustainable projects across Orange County.”
For more information on OCTA’s TIFIA loan savings, please visit www.octa.net/news.
