Transportation Corridor Agencies July Board Meeting HIghlights
Highlights from the Joint San Joaquin Hills and Foothill/Eastern Transportation Corridor Agencies July 14 Board Meeting
Irvine, Calif. - July 14, 2022
Foothill/Eastern Transportation Corridor Agency Pays Down $125 Million in Bonds Early
On July 15, the Foothill/Eastern Transportation Corridor Agency (F/ETCA) executed an early paydown of $125 million in bond debt. The early paydown of bond principal that had a maturity date of 2053 is expected to save the Agency approximately $180 million in interest payments.
The early paydown is part of the Transportation Corridor Agencies’ (TCA) groundbreaking seven-year Strategic Plan, approved earlier this year by their two Boards of Directors. The fiscal management component of the Strategic Plan recommended both Agencies pay down approximately $600 million, combined, in early bond principal payments over the next seven years.
Five more early paydown opportunities are scheduled, allowing the Agencies to collectively save nearly $1.4 billion in interest over a 10-year horizon while still investing in improvements to The Toll Roads.
PayNearMe Highlights Successful Relationship with The Toll Roads
On July 11, PayNearMe – the partner the Agencies work with to accept cash payments from drivers – published a case study about the success of its relationship with TCA.
PayNearMe provides payment flexibility to customers through thousands of retail locations across the country, allowing them to pay tolls, violations and/or replenish FasTrak® accounts at participating 7-Eleven, CVS Pharmacy, Walmart, Family Dollar and Walgreens locations.
In Fiscal Year 2022, nearly a quarter of a million payments totaling $7 million were processed through PayNearMe at about 4,000 locations.
PayNearMe partnered with TCA to place QR codes on customer correspondence to make paying a toll, resolving toll violations and funding FasTrak accounts as easy as possible.
With the introduction of QR codes, the Agencies anticipated a 5% increase in payments made through PayNearMe. However, payments via PayNearMe have increased an incredible 640%.
TCA Shares Lessons and Vision in Peer Exchange with Austrian Government Tolling Agency
In late June, staff from The Toll Roads hosted a peer exchange with representatives from ASFINAG, the Austrian government-owned corporation responsible for all the country’s tolling facilities.
The purpose of the peer exchange was to share information, experiences, best practices and trends impacting the tolling industry globally. ASFINAG plans, finances, builds, maintains, operates and tolls in a nation that has 1,400 miles of toll roads that provide sustainable revenues for transportation and innovation.
Among the topics discussed were the history of the Agencies and current environmental sustainability programs, as well as their Strategic Plan. ASFINAG shared several initiatives, including Connected Vehicle Technology, leading-edge clean renewable energy creation and an interface with digital assistance to pay tolls while on the road.
Many of the initiatives ASFINAG has envisioned are part of the Agencies’ adopted Strategic Plan. TCA staff gained insight and inspiration from several ASFINAG concepts and will present for research and pilot consideration at the Strategic Planning Workshop, set for November.