In February, OCTA issued $400 million in municipal bonds to help fund the I-405 Improvement Project.
Rated AA+ by industry-leading credit rating agencies Fitch Ratings and Standard and Poor’s, the Measure M2 Sales Tax Revenue bonds sold in one day at a fixed rate of 3.14 percent. The high bond rating reflects and recognizes OCTA’s strong financial stewardship.
In addition, $43.5 million of outstanding sales tax revenue bonds were also refinanced, resulting in $2.6 million of savings for OCTA.
The I-405 Improvement Project will improve 16 miles of the I-405 in both directions from SR-73 to I-605 and add one general purpose lane and a second HOV lane to be combined with the existing HOV lane to provide a dual express lane facility. The general purpose lane portion of the project is funded by Measure M (also known as OC Go) with a combination of local, state and federal funds. The express lanes are separately funded and will be paid for by those who choose to pay a toll and use the 405 Express Lanes.