Daily News Briefs, January 5, 2024

Illinois Tollway Saves $188 Million By Refunding 2013 And 2014 Bonds

The Illinois Tollway Authority announced that it “took advantage of favorable conditions in the municipal bond market to issue $873.7 million of Series 2024A fixed rate refunding bonds at an average yield to maturity of 3.44 percent, which refunded $1 billion of its Series 2013A and 2014B bonds.” The bonds, which mature in 15 years, were sold December 14, 2023, and closed yesterday, January 4, 2024. The authority noted, “The refinancing reduces the Tollway’s debt service obligations by $188 million over fiscal years 2024 through 2038, including $73 million during the remaining years of the Move Illinois Program, which is scheduled to be completed in 2027.” Over the term of Move Illinois, the authority has achieved net present value savings totaling $354.5 million through the issuance of six series of refunding bonds.

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Suicide Barriers Now Cover The Entire Golden Gate Bridge

Golden Gate Bridge district officials announced Wednesday that a continuous suicide barrier now extends across both sides of the entire 1.7-mile span. “The suicide deterrent system, also known as the net, has been installed on the east and west sides of approximately 95% of the Bridge. In some areas of the Bridge, due to ongoing construction or design factors [described below], vertical fencing is in place instead of or in addition to the net.” The years-long, $224 million installation project will reach its final conclusion in several years when the contractors complete delayed tasks involving replacement of the bridge’s maintenance traveler system. That work “requires that short sections of the Bridge remain unobstructed to allow access for workers and equipment during construction, and netting cannot be installed in these areas until the traveler work is complete.”

Associated Press reports in depth on Wednesday’s milestone, the barrier’s design, purpose and characteristics, and the overall installation process. The project isn’t without controversy, AP notes. “Critics . . . say a lot of money is being spent on the nets to deter people who are determined to end their lives and who will simply find another method to do it. But supporters of the nets . . . point to studies by Harvard University and the University of California, Berkeley that show that most survivors will not try to kill themselves again. They say stopping easy access to lethal means is crucial to preventing suicides.” Bridge district officials agree based on data indicating the barrier has increased deterrence and foiled several attempted suicides. Another controversial issue, the cause of project cost inflation, is the subject of cross litigation brought by the contractors and the bridge district that hasn’t impeded installation progress.

Associated Press also provide video coverage of this story.

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Still No Word On Extension Of Florida’s Expired Toll Relief Program

WFLA reports, as of yesterday, the office of Florida Governor Ron DeSantis (R) had not responded to an inquiry about plans to re-establish the state toll relief program that expired with the close of 2023. The program, established in December 2022, applied an automatic 50 percent credit to the accounts of drivers with Florida transponders who incurred 35 or more tolls within a calendar month. If there is to be an initiative to bring the program back (as was suggested in November), it may emerge with the start of the state’s next legislative session on January 9.

WKMG also reports on the program’s expiration, noting that “SunPass announced that its customers have up to 90 days after the program ends to file any disputes they might have.”

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SoCal's Transportation Corridor Agencies Report On 2023 Accomplishments

The Transportation Corridor Agencies (TCA) announced the release of its annual highlights report, which provides a high-level summary of the agencies’ “notable accomplishments throughout [2023].” Developments cited by TCA include the installation of new board leaders and hiring of new executive staff; approval of an open market bond buyback program that helped accelerate the early paydown of over $150 million dollars in bond principal and saved $150 million dollars in interest; upgrade of the tolling back-office system; and achievement of a high satisfaction rating on customer service. Newport Beach (CA) Mayor Will O’Neill, outgoing chair of the San Joaquin Hills TCA board, commented, “The report is a testament to the collaboration and dedication of TCA’s Boards of Directors and staff to ensure The Toll Roads continue its mission to prioritize fiscal stewardship, operational improvements and tolling innovations. I am most proud of the work done this year to solidify our commitment to fiscal management and innovative financial approaches which have led to the Agencies accomplishing the early paydown of [bond principal] . . . . ” An annual highlights video can be viewed on TCA’s YouTube channel.

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These are just some of the toll industry developments TRN is following.

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