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7 Public Generated Traffic Relief Ideas Advancing to Project Study Report (PSR)

IRVINE, Calif. - December 19, 2017

The Transportation Corridor Agencies’ (TCA) released a preliminary screening document today, including an initial evaluation of the twenty (20) public generated traffic relief ideas at its monthly Board Meeting. TCA prepared the document in order to sort, categorize and identify the traffic relief solutions that could potentially provide substantial traffic congestion relief for South Orange County.

Based on a mobility analysis* that was used to screen the ideas, seven (7) Category 4 ideas now advance into the Project Study Report (PSR), including:

  1. Idea 9: Connect Ortega Highway and Antonio Parkway to Avery Parkway and SR‑73
  2. Idea 11: Add I-5 general-purpose lanes from I-405 to San Diego County line
  3. Idea 12: Add I-5 HOT lanes from I-405 to San Diego County line
  4. Idea 13: Connect SR-241 to I-5 via the Western Alignment (local connection at La Novia Avenue)
  5. Idea 14: Connect SR-241 to I-5 via La Pata Avenue crossing (local connection at Avenida Pico)
  6. Idea 17: Connect SR-241 to I-5 via Shorecliffs (local connection at Avenida Vaquero)
  7. Idea 18: Connect SR-241 to SR-73 and extend Crown Valley Parkway to SR-241

“With overwhelming public input, the initial screening of the public’s ideas provides the agency with a narrowed list of traffic relief solutions that are within TCA jurisdiction and appear feasible for further technical study,” said Foothill/Eastern Transportation Corridor Agency Chair Ed Sachs.  “Never before has a transportation agency reached out to the public in such an extensive manner prior to developing a Project Study Report in the beginning of environmental review. I am pleased with the progress we are making on identifying long term traffic relief, and look forward to working with other agencies and stakeholders as we move forward.” 

“Based upon the initial screening and mobility analysis that tested feasibility, I am confident a number of the seven remaining solutions offer the greatest possibility of providing traffic relief to South Orange County residents,” said Foothill/Eastern Transportation Corridor Agency Vice-Chair Christina Shea.

“The initial screening document provides both the agency and the public a refined list of traffic relief solutions that could provide substantial benefit to the region,” said Transportation Corridor Agencies Chief Executive Officer, Mike Kraman. “We plan on working collaboratively with local agencies on ideas that provide substantial benefit, but are outside the jurisdiction of the agency, to aid in funding applications and/or preliminary engineering.”

* The mobility analysis consisted of Vehicle Hours of Delay (VHD) for both I-5 and the arterial highway system, as well as Vehicle Miles Traveled (VMT) in South Orange County.  The analysis was conducted using the Orange County Transportation Analysis Model (OCTAM) as well as a qualitative approach. Additional factors include: environmental, regulatory, community impacts and financial considerations. The mobility analysis does not include weekend traffic data because a predictive tool has not been created (by OCTA or Caltrans) to forecast future weekend conditions or test the benefits of ideas.

Statement from TCA Chair Ed Sachs
Statement from TCA Vice Chair Christina Shea
Statement from TCA Chief Executive Officer Mike Kraman

IRVINE, Calif. - August 22, 2017

Irvine, Calif - 08/22/2017

In another move to strengthen the finances for Orange County’s toll road system, $125 million of bonds were remarketed today at a highly favorable long-term interest rate of 3.95 percent.

The bonds were originally issued in 2013 by the Foothill/Eastern Transportation Corridor Agency with a five-year term as part of the refinancing of the original bonds issued to fund construction of the 133, 241 and 261 Toll Roads.

While the bonds could be remarketed for any term, the agency decided to remarket the bonds to their final maturity of January 15, 2053, as long-term interest rates were more favorable in the current market than short-term rates. Remarketing to the bonds’ final maturity also eliminated the need to remarket the bonds at future dates at unknown interest rates. Demand for the $125 million bond offering topped $1 billion, across 35 investors, resulting in a repricing of bonds to a 3.95 percent yield.

“Reducing interest payments and establishing certainty with respect to the interest rate, reduces the overall cost of operating The Toll Roads and strengthens the Agency’s financial outlook,” said Amy Potter, Transportation Corridor Agencies’ CFO.

The Foothill/Eastern Agency bonds were recently upgraded by Moody’s Investor Service and affirmed by Fitch Ratings, reflecting an increase in both transactions and revenue for four consecutive years as well as the service area’s strong economy. The Foothill/Eastern Agency toll road system, comprised of SR 133, SR 241 and SR 261, had an impressive 9.4 percent growth in transactions in FY16.

“More people are using Orange County’s toll roads every day. The growth in drivers and accounts, along with conservative and steady fiscal policies and a strong local economy, provides a solid financial foundation for The Toll Roads,” said Michael Kraman, CEO of the Transportation Corridor Agencies. “The recent rating upgrades and today’s $125 million bond remarketing transaction further demonstrates that tolling is a viable business model to help solve our regional traffic problems without an over-reliance on shrinking state and federal dollars.”


The Transportation Corridor Agencies (TCA) is comprised of two joint powers authorities (San Joaquin Hills and Foothill/Eastern Transportation Corridor Agencies) created to plan, finance, construct and operate Orange County’s Toll Road network – the 73, 133, 241 and 261 Toll Roads. The Toll Roads have been providing a choice for drivers for more than 20 years and the tolls collected are used to fund debt service issued to construct the 51-mile toll road system, operations and capital projects.

IRVINE, Calif. - August 22, 2017

In another move to strengthen the finances for Orange County’s toll road system, $125 million of bonds were remarketed today at a highly favorable long-term interest rate of 3.95 percent.

The bonds were originally issued in 2013 by the Foothill/Eastern Transportation Corridor Agency with a five-year term as part of the refinancing of the original bonds issued to fund construction of the 133, 241 and 261 Toll Roads.

While the bonds could be remarketed for any term, the agency decided to remarket the bonds to their final maturity of January 15, 2053, as long-term interest rates were more favorable in the current market than short-term rates. Remarketing to the bonds’ final maturity also eliminated the need to remarket the bonds at future dates at unknown interest rates. Demand for the $125 million bond offering topped $1 billion, across 35 investors, resulting in a repricing of bonds to a 3.95 percent yield.

“Reducing interest payments and establishing certainty with respect to the interest rate, reduces the overall cost of operating The Toll Roads and strengthens the Agency’s financial outlook,” said Amy Potter, Transportation Corridor Agencies’ CFO.

The Foothill/Eastern Agency bonds were recently upgraded by Moody’s Investor Service and affirmed by Fitch Ratings, reflecting an increase in both transactions and revenue for four consecutive years as well as the service area’s strong economy. The Foothill/Eastern Agency toll road system, comprised of SR 133, SR 241 and SR 261, had an impressive 9.4 percent growth in transactions in FY16.

“More people are using Orange County’s toll roads every day. The growth in drivers and accounts, along with conservative and steady fiscal policies and a strong local economy, provides a solid financial foundation for The Toll Roads,” said Michael Kraman, CEO of the Transportation Corridor Agencies. “The recent rating upgrades and today’s $125 million bond remarketing transaction further demonstrates that tolling is a viable business model to help solve our regional traffic problems without an over-reliance on shrinking state and federal dollars.”


The Transportation Corridor Agencies (TCA) is comprised of two joint powers authorities (San Joaquin Hills and Foothill/Eastern Transportation Corridor Agencies) created to plan, finance, construct and operate Orange County’s Toll Road network – the 73, 133, 241 and 261 Toll Roads. The Toll Roads have been providing a choice for drivers for more than 20 years and the tolls collected are used to fund debt service issued to construct the 51-mile toll road system, operations and capital projects.

IRVINE, Calif. - August 15, 2017

Crews will be removing 13 toll booths at 11 ramp locations throughout The Toll Roads system August through October – five on the 73 Toll Road, one on the 133 Toll Road, four on the 241 Toll Road and one on the 261 Toll Road. 

With the conversion to all-electronic tolling in 2014, the toll booths are no longer needed and removing them allows the lanes to be widened to create smoother driving flows when entering and exiting The Toll Roads. Drivers without a FasTrak® or ExpressAccount® who drive the 73, 133, 241 or 261 Toll Roads can pay tolls online at TheTollRoads.com five days before or five days after their drive.

Weekend closures will begin at 7 p.m. on Friday and end at 6 a.m. on Monday. Construction activities will include removal of toll booths, reconstructing pavement, restriping lanes and reconfiguring toll equipment.

Project Schedule

Aliso Viejo/Laguna Beach

  • Aug. 14 – 18: 73 Toll Road, El Toro Rd. northbound off-ramp and southbound off-ramp

Newport Beach/Irvine

  • Aug. 25 – 27: 73 Toll Road, Newport Coast Dr. northbound on-ramp

Rancho Santa Margarita 

  • Sept. 8 – 10: 241 Toll Road, Antonio Pkwy. northbound on-ramp and southbound off-ramp

Lake Forest/Irvine

  • Sept.  15 – 17: 241 Toll Road, Portola Pkwy. (South) southbound on-ramp and 133 Toll Road Irvine Blvd. southbound on-ramp
  • Sept. 22 – 24: 241 Toll Road, Alton Pkwy. southbound on-ramp and 261 Toll Road Irvine Blvd. southbound on-ramp

Aliso Viejo/Laguna Niguel

  • Sept. 29 – Oct. 1: 73 Toll Road La Paz Rd. southbound on-ramp and Aliso Creek Rd. northbound off-ramp

For more information on the project, visit bit.ly/tollboothproject or follow The Toll Roads on Facebook, Instagram and Twitter for updates.


The Transportation Corridor Agencies (TCA) are two joint powers authorities formed by the California legislature in 1986 to plan, finance, construct and operate Orange County’s 67-mile public toll road system. Fifty-one miles of the system are complete, including the 73, 133, 241 and 261 Toll Roads. TCA continues to meet the region’s growing need for congestion-free transportation alternatives.

IRVINE, Calif. - August 10, 2017

Today, TCA released a memorandum regarding lawsuits filed by the City of San Clemente and The Reserve Maintenance Corporation over the TCA’s November 2016 Environmental Settlement Agreement

IRVINE, Calif. - August 9, 2017

All rating agencies tie investment grade status to years of stronger than forecasted traffic and revenue growth on the 73, 133, 241 and 261 toll roads.

Irvine, Calif - 08/09/2017

Moody’s Investors Service has upgraded the Foothill/Eastern Transportation Corridor Agency senior and junior lien bonds to Baa3 from Ba1 and the San Joaquin Hills Transportation Corridor Agency senior lien bonds to Baa3 from Ba2 on July 26.

On July 31, Fitch Ratings upgraded the San Joaquin Hills senior lien bonds to BBB from BBB-. 

All senior lien bonds issued by the Transportation Corridor Agencies (TCA) are rated investment grade.  The bonds were originally issued to fund construction of the 73, 133, 241 and 261 Toll Roads.

“Moody’s cites Orange County’s strong economy and low unemployment rate as contributing factors to the upgrade,” said Ed Sachs, Chair of the Foothill/Eastern Transportation Corridor Agency and City of Mission Viejo Mayor Pro Tem.  “Traffic and revenue has performed stronger than forecasts for four years in a row because the 241 Toll Road provides a reliable and convenient alternative to congested freeways that allows people to get where they want to be with less stress.” 

“The upgrade is great news that underlines the success of the 73 Toll Road,” said Melody Carruth, Acting Chair of the San Joaquin Hills Transportation Corridor Agency and Laguna Hills Mayor Pro Tem.  “Moody’s acknowledged the 9.4 percent increase in transactions in FY 2016 and the agency’s strong liquidity profile as factors in the upgrade and stable outlook.”

According to Moody’s regarding the Foothill/Eastern Transportation Corridor Agency (SR 241/261/133):

“The rating also acknowledges the ongoing growth in the Orange County service area economy, which is expected to continue to contribute to traffic and revenue growth, the agency’s strong liquidity profile and growing reserve fund balances as well as steady toll increases over the past eight consecutive years.”

Fitch Ratings stated the following in its report about the San Joaquin Hills (SR 73):

“The upgrade reflects the agency’s continued improved traffic and revenue performance subsequent to a fiscal 2015 refinancing, [resulting in] financial metrics strengthening to levels consistent with [the] higher rating. The 15-mile congestion-reliever facility benefits from its location within Orange County, which is large, affluent, and growing.”

These moves follow S&P Global Ratings earlier upgrade in May 2017 of the San Joaquin Hills senior lien bonds to BBB from BBB- and junior lien bonds to BBB- from BB+ due to growth in transactions and revenues and higher debt service coverage.

“More people are using Orange County’s toll roads!  This increased growth in drivers and accounts, along with conservative and steady fiscal policies and a strong local economy, provide a solid financial foundation for The Toll Roads and this is reflected in the credit rating upgrades", said Michael Kraman, CEO of the Transportation Corridor Agencies.  “It further demonstrates the role tolling can play to help solve our regional traffic problems without an over-reliance on diminishing state and federal dollars.”

The Foothill/Eastern and San Joaquin Hills Transportation Corridor Agencies funded construction of the 73, 133, 241 and 261 Toll Roads by issuing toll revenue bonds to private investors.  In 2013 and 2014 the agencies refinanced the debt to take advantage of historically low interest rates and established debt structures that align with The Toll Roads’ historical revenue growth.  Since the refinancings, traffic and revenue has grown annually.  


The Transportation Corridor Agencies (TCA) is comprised of two joint powers authorities (San Joaquin Hills and Foothill/Eastern Transportation Corridor Agencies) created to plan, finance, construct and operate Orange County’s Toll Road network – the 73, 133, 241 and 261 Toll Roads.  The Toll Roads have been providing a choice for drivers for more than 20 years and the tolls collected are used to fund debt service issued to construct the 51-mile toll road system, operations and capital projects.

All rating agencies tie investment grade status to years of stronger than forecasted traffic and revenue growth on the 73, 133, 241 and 261 toll roads

IRVINE, Calif. - August 9, 2017

Moody’s Investors Service has upgraded the Foothill/Eastern Transportation Corridor Agency senior and junior lien bonds to Baa3 from Ba1 and the San Joaquin Hills Transportation Corridor Agency senior lien bonds to Baa3 from Ba2 on July 26.

On July 31, Fitch Ratings upgraded the San Joaquin Hills senior lien bonds to BBB from BBB-. 

All senior lien bonds issued by the Transportation Corridor Agencies (TCA) are rated investment grade.  The bonds were originally issued to fund construction of the 73, 133, 241 and 261 Toll Roads.

“Moody’s cites Orange County’s strong economy and low unemployment rate as contributing factors to the upgrade,” said Ed Sachs, Chair of the Foothill/Eastern Transportation Corridor Agency and City of Mission Viejo Mayor Pro Tem.  “Traffic and revenue has performed stronger than forecasts for four years in a row because the 241 Toll Road provides a reliable and convenient alternative to congested freeways that allows people to get where they want to be with less stress.” 

“The upgrade is great news that underlines the success of the 73 Toll Road,” said Melody Carruth, Acting Chair of the San Joaquin Hills Transportation Corridor Agency and Laguna Hills Mayor Pro Tem.  “Moody’s acknowledged the 9.4 percent increase in transactions in FY 2016 and the agency’s strong liquidity profile as factors in the upgrade and stable outlook.”

According to Moody’s regarding the Foothill/Eastern Transportation Corridor Agency (SR 241/261/133):

“The rating also acknowledges the ongoing growth in the Orange County service area economy, which is expected to continue to contribute to traffic and revenue growth, the agency’s strong liquidity profile and growing reserve fund balances as well as steady toll increases over the past eight consecutive years.”

Fitch Ratings stated the following in its report about the San Joaquin Hills (SR 73):

“The upgrade reflects the agency’s continued improved traffic and revenue performance subsequent to a fiscal 2015 refinancing, [resulting in] financial metrics strengthening to levels consistent with [the] higher rating. The 15-mile congestion-reliever facility benefits from its location within Orange County, which is large, affluent, and growing.”

These moves follow S&P Global Ratings earlier upgrade in May 2017 of the San Joaquin Hills senior lien bonds to BBB from BBB- and junior lien bonds to BBB- from BB+ due to growth in transactions and revenues and higher debt service coverage.

“More people are using Orange County’s toll roads!  This increased growth in drivers and accounts, along with conservative and steady fiscal policies and a strong local economy, provide a solid financial foundation for The Toll Roads and this is reflected in the credit rating upgrades", said Michael Kraman, CEO of the Transportation Corridor Agencies.  “It further demonstrates the role tolling can play to help solve our regional traffic problems without an over-reliance on diminishing state and federal dollars.”

The Foothill/Eastern and San Joaquin Hills Transportation Corridor Agencies funded construction of the 73, 133, 241 and 261 Toll Roads by issuing toll revenue bonds to private investors.  In 2013 and 2014 the agencies refinanced the debt to take advantage of historically low interest rates and established debt structures that align with The Toll Roads’ historical revenue growth.  Since the refinancings, traffic and revenue has grown annually.  


The Transportation Corridor Agencies (TCA) is comprised of two joint powers authorities (San Joaquin Hills and Foothill/Eastern Transportation Corridor Agencies) created to plan, finance, construct and operate Orange County’s Toll Road network – the 73, 133, 241 and 261 Toll Roads.  The Toll Roads have been providing a choice for drivers for more than 20 years and the tolls collected are used to fund debt service issued to construct the 51-mile toll road system, operations and capital projects.

IRVINE, Calif. - July 19, 2017

TCA CEO Mike Kraman issued a statement today responding to anticipated litigation by the City of San Clemente related to the November 2016 Environmental Settlement, which ending a 15-year gridlocked dispute regarding the TCA’s 2006 and the 2013 approvals of its Foothill-South and Tesoro Extension projects.

“It’s unfortunate that the City of San Clemente is choosing litigation over collaboration,” said Mike Kraman. “This isn’t the way the public expects government agencies to solve issues. In order to relieve traffic congestion in our region, agencies have to work together constructively and honestly. We would hope the city would choose to work for, not against, the effort to relieve traffic, promote economic viability and protect our quality of life.”

IRVINE, Calif. - July 12, 2017

Today, TCA released statistics and updates from the Third Get Moving Orange County Public Forum held on June 5th at Saddleback Community College in Mission Viejo. The forum brought together local transportation leaders, environmental stakeholders, and community members for panel discussions on TCA’s environmental lawsuit resolution and next steps for South Orange County traffic relief efforts.

At the forum, we had over 600 in-person participants, and over 3,100 online viewers through both our website and Facebook Live. Not only did we have large in-person and online participation, we also had many members of the public provide feedback to our court reporter and record public comments at our video recording booth.

Through these submissions, the TCA has been provided with valuable information in its efforts to reduce South Orange County traffic. For the past couple of weeks, we have been reviewing and cataloging over 553 questions, 443 written comments, 145 video comments, and 154 court reporter comments. A full list of both the in-person and online written questions and comments are posted below. In addition, we have posted scanned versions of the original comment and question cards. If you asked a question at the forum, or online, your question has been posted in a master list of public questions that have been categorized and color-coded based upon the following themes:

  • Environment
  • Formal Project Development Process
  • Beltway and Toll Road Ideas
  • Camp Pendleton
  • Transportation Planning and Projections
  • Public Outreach
  • General Questions

In the coming weeks, we will be posting a document with answers addressing each of these questions. Responses to each question will be emailed out to the email address provided, and video comments will be posted of those who provided authorization to post their comments online. However, for all video comments involving a minor or from those who did not provide an authorization, only a written transcription will be posted, rather than the video testimony. Those transcriptions are now being prepared and should be posted in a few weeks’ time.

Please note: The transcription will be redacted to conform to authorization restrictions and/or privacy laws, specifically including those directed to the protection of minors. Also, if your comments or questions included the use of profanity, inappropriate, and/or explicit language, we have redacted the offensive content from both the scanned and typed versions of your comment and/or question. In addition, to protect individual privacy, we have also redacted last names, emails, and phone numbers from each card submitted. If you do not see your question listed, please contact us info@getmovingoc.com

The goal of the TCA is to work together so we can identify a balanced solution for South Orange County’s worsening traffic crisis.

If you didn’t get a chance to attend the forum, but would like to watch our Livestream recording, please go to getmovingoc.com.  There you will also be able to receive the latest updates regarding the Get Moving Orange County public forums.

IRVINE, Calif. - June 12, 2017

In FY17, year-over-year transactional toll revenue is projected to grow by over 7 percent and 6 percent for the Foothill/Eastern and San Joaquin Hills Transportation Corridor Agencies, respectively

The Agencies’ combined budgets totaling $360.3 million include funding for debt service, toll collection, customer service and capital project planning, engineering and construction

Irvine, Calif - 06/12/2017

Following a year of increased revenue and implementation of programs to enhance customer service, the Boards of Directors of the Foothill/Eastern and San Joaquin Hills Transportation Corridor Agencies (TCA) approved combined budgets totaling $360.3 million to fund debt service, operations, customer service, administration, planning, engineering and construction for Orange County’s Toll Road system.

In FY17, transactions recorded on the 73, 133, 241 and 261 Toll Roads are expected to surpass the highest volumes recorded prior to the Great Recession. In May, the bond ratings for the 73 Toll Road were upgraded by S & P Global Ratings due to continued transaction and revenue growth.

Customer service improvements that were implemented in FY17 to support The Toll Roads’ nearly one million accountholders and more than 330,000 daily toll transactions included a new app that allows customers to pay tolls and manage their accounts from their handheld devices, a new contractor to provide customer service staffing and activities and the addition of Saturday hours for the Customer Service Call Center.

“The increase in traffic and revenue for The Toll Roads is a sign of a healthy economy and a valuable service,” said Ed Sachs, Chair of the Foothill/Eastern Transportation Corridor Agency.  “The growth in revenue enables us to maintain a strong financial position and make investments in The Toll Roads to give drivers more options for traffic relief.”

The FY18 budgets include funding for the following capital project and customer service initiatives:

241/91 Express Connector Project ($13.0 million)
Final design is currently underway for this project that consists of a tolled connector between the median of the 91 Express Lanes and the median of the 241 Toll Road. The Supplemental EIR/EIS is scheduled to be final by the end of 2017 with anticipation of soliciting construction bids at the end of FY18.

Oso Parkway Bridge Project ($25.2 million)
In FY18, construction of the Oso Bridge Project will begin.  The project involves the construction of a bridge structure to allow traffic from the new Los Patrones Parkway to safely pass under Oso Parkway to access the 241 Toll Road near Coto de Caza. The construction contract will be administered by the County of Orange. Construction is slated to begin in fall 2017 and will be completed over a 24-month construction period.

South County Mobility Improvement Planning ($28.0 million)
In FY18, community outreach to identify and address public and stakeholder interest to identify traffic relief for South Orange County will continue. The formal state and federal environmental process will begin, which includes biological, traffic and geological technical studies that will be included in the Environmental Impact Report and Environmental Impact Statement.

Customer Service Center Back Office System Replacement Project ($2.8 million)
TCA has issued a Request for Proposals for a new system that will address the Agencies’ current and future needs. The amount budgeted will cover the cost of developing and implementing the new system.

Signage Upgrade ($6.0 million)
In FY18, per Federal Highway Administration standards for toll road signage, upgraded signs will be installed incorporating a purple banner across the top of the sign indicating that State Routes 73, 133, 241 and 261 are tolled roads.  Additional signs with payment information will also be posted. In all, 458 signs will be modified or replaced as part of this project prior to, or along the 51-Mile Toll Road system.

The FY18 budgets include a 4.8 percent and 5.5 percent increase in transactional toll revenue for the Foothill/Eastern and San Joaquin Hills Transportation Corridor Agencies respectively due to projected growth in transactions and a 2 percent toll increase for non-FasTrak® transactions at all toll points.  FasTrak tolls are $1 less than non-FasTrak tolls at all toll points.  FasTrak is the transponder-based electronic toll collection system that can be used on all tolled bridges, lanes and roads in California.  Non-FasTrak toll payment options include license-plate-based ExpressAccounts® and online One-Time-Toll®. ExpressAccount and One-Time-Toll payment are only available on the 73, 133, 241 and 261 Toll Roads.  Toll rate adjustments will go into effect at 12:00 a.m. on Friday, July 1, 2017 and range from $0.03 to $0.16 depending on location.

“The Agencies maintain bond indenture reserves of over $500 million and expect to fill the last remaining San Joaquin Hills requirement in FY18,” said Amy Potter, Chief Financial Officer for TCA.

TCA is comprised of two joint powers authorities created to plan, finance, construct and operate Orange County’s Toll Road network – the 73, 133, 241 and 261 Toll Roads.  The Toll Roads have been providing a choice for drivers for more than 20 years and the tolls collected are used primarily to pay bonds issued to fund construction. The refinancing of TCA’s debt in 2013 and 2014 took advantage of historically low interest rates and established debt structures that align with The Toll Roads’ historical transaction and revenue growth -- including the dip in traffic that took place during the recent recession. Since then, transactions and revenue have exceeded projections and reserves have grown providing stability to weather future economic downturns and support financing of TCA’s Capital Improvement Program.

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