66 million LA 1 project subordinate lien toll revenue bond
anticipation notes (BANs), series 2005 at 'A'.
6 million of senior lien toll revenue bonds
for the 91 Express Lanes program at 'A'.
Funding sources for the Ohio River Bridges project include GARVEE bonds, toll revenue bonds
, Transportation Infrastructure Finance and Innovation Act (TIFLA) loans, and State and Federal funding.
However, since the projected toll revenues are so substantial ($922 million each year), tax-exempt toll revenue bonds
, at no taxpayer expense, would be able to cover 86 percent of the costs necessary to create a seamless network of high-occupancy toll lanes.
However, issuance of toll revenue bonds
by the private corporation would not represent a liability to the city or the state if toll revenues are not received as anticipated.
The TIFIA assistance consists of a $90 million loan guarantee on subordinated toll revenue bonds
and a $37 million line of credit supporting a series of senior toll revenue bonds
5 million in outstanding expressway toll revenue bonds
The GO bonds, COs, and pass-through toll revenue bonds
are each secured by a limited ad valorem tax pledge levied against all taxable property in the city, limited to the constitutional tax rate of $2.
The long-term rating assigned to the bond is revised to 'A' with a Stable Outlook based on the underlying rating assigned by Fitch to the Orlando-Orange County Expressway Authority's toll revenue bonds
Proceeds from the bonds will be used to refund portions of the county's outstanding pass-through toll revenue bonds
for interest savings and to pay the costs associated with issuance.
Proceeds from the pass-through toll revenue bonds
will finance improvements to the state highway system located in the county.
The surface transportation debt that Fitch rates takes the form of grant anticipation and revenue vehicle (GARVEE) bonds, state and local gas tax and other DOT service fee-backed bonds, sales and other tax-supported transit system debt, public authority toll revenue bonds
, and privately issued concession debt.