All press releases

Foothill/Eastern Transportation Corridor Agency Bond Refunding Named Far West Deal of the Year by The Bond Buyer

The Foothill/Eastern Transportation Corridor Agency’s (F/ETCA) recent bond refunding transaction has received The Bond Buyer’s Far West Deal of the Year award.

Executed in January, the refunding of certain outstanding 2013A and all 2013C bonds decreased annual debt payments without extending any maturity dates, resulting in a reduction in debt service payments of $214 million net of all transaction costs.

The Bond Buyer is an independent municipal finance publication that features news, analysis and data through its website, newsletters, alerts and daily print edition.

This year marks the 20th year the publication has recognized outstanding achievements in municipal finance with its Deal of the Year awards. One award is presented in each of the five regional areas of The Bond Buyer’s coverage (Northeast, Southeast, Southwest, Midwest and Far West).

“The innovative refunding transaction further strengthened the Agency’s cash position and created additional flexibility to invest in key capital projects or pay down other bonds early,” said Transportation Corridor Agencies (TCA) CFO Amy Potter. “This award from The Bond Buyer recognizes the collaborative efforts of our staff and elected officials to discover methods to serve our more than two million accountholders.”

The Far West Deal of the Year award positions the F/ETCA Bond Refunding as one of the 10 finalists for Bond Buyer’s national “Deal of the Year” award. The national award is set to be announced on Dec. 16.

The Agency previously seized upon favorable market conditions to improve its financial position. Similar actions in 2017 and 2019 saved the Agency more than $400 million in debt payments without extending any bond maturity dates.

The SJHTCA (San Joaquin Hills Transportation Corridor Agency) and F/ETCA, which comprise TCA, are two joint powers authorities created to plan, finance, construct and operate Orange County’s 51-mile toll road network — the 73, 133, 241 and 261 Toll Roads.

“It is an honor to be recognized for our financial prowess, which has placed both Agencies in an even stronger financial position, providing our current and future Boards the ability to advance strategic initiatives and leverage opportunities that will continue to strengthen us,” said TCA CEO Samuel Johnson. “Our future is extremely bright and gets brighter every day.”

The Toll Roads have been providing a choice for drivers for more than 20 years and the tolls collected are used to repay the debt incurred to construct the system and fund on-going operations and improvements.

The Toll Roads system, which represents 20% of Orange County’s highways, is the largest toll road network in California.


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 public toll road system comprised of the 73, 133, 241 and 261 Toll Roads.