IRVINE, Calif. - February 11, 2021
The Foothill/Eastern Transportation Corridor Agency (F/ETCA) and San Joaquin Hills Transportation Corridor Agency (SJHTCA) Boards of Directors received an update on a recent refunding transaction of F/ETCA bonds from Transportation Corridor Agencies (TCA) CFO Amy Potter.
Potter reported that the transaction produced more than $214 million in savings without expending cash or extending bond maturity dates. The successful refunding further strengthens the Agency’s cash position and creates additional flexibility to pay down other bonds early or consider funding support requests from member agencies.
TCA’s management strengths and long-term financial model have been recognized repeatedly by credit rating agencies including Standard & Poor’s, Fitch and Moody’s, which have rated all of TCA’s bonds as investment grade.
TCA Chief Strategy Officer Mike Chesney provided an update on the Agencies’ continued work with the Boards of Directors to develop the framework and associated policies and to support the development and adoption of annual strategic plans. The framework provides options made available to TCA due to a history of strong Board oversight, prudent debt management and operational efficiencies. Previous TCA Boards did not have such options.
Chesney reported that the Joint Strategic Planning Committee recently approved presenting the Boards a framework that identified needs and opportunities the Boards may consider that leverage the Agencies’ financial strength. During the meeting, Board Members discussed financial considerations for the Agencies’ capital improvement program, regional mobility needs and partnership opportunities to support funding requests from member agencies, debt management and other operational investments.
Board Members provided comments and perspectives that will be helpful as efforts to further refine the strategic plans advance. Staff envisions continued work through multiple TCA committees prior to returning to the Boards with any recommendations.
The Boards recognized Aliso Viejo Councilmember Mike Munzing for his service on the SJHTCA Board of Directors. Munzing served on the SJHTCA Board from 2017 through 2020. Chair Trish Kelley noted his service on several TCA committees and his ability to bring a regional perspective to help advance TCA priority projects and programs.
As a government agency, the health and safety of the public are important to us and we are committed to complying with efforts to slow the spread of COVID-19.
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