ORANGE COUNTY, CALIFORNIA — Orange County Supervisor Katrina Foley released a statement following the presentation to the OCTA Board about the agency’s utilization of lower interest Bond Anticipation Notes (BAN) over additional Transportation Infrastructure Finance and Innovation Act (TIFIA) Loan funds.
“By paying off Bond Anticipation Notes through drawing down the TIFIA Loan, OCTA staff have saved the taxpayers another $27 million which created additional funding resources for mobility across Orange County,” said Supervisor Foley. “The financial capability of the OCTA staff has saved the I-405 Improvement Project more than $500M in present savings so far. This innovative financing allows us to offer three-plus years of free rides to vehicles with two or more riders on our I-405 Express lanes. OCTA's creative approach to funding transportation projects allows us the ability to do more creative and sustainable projects across Orange County.”
For more information on OCTA’s TIFIA loan savings, please see the attached fact sheet or visit www.octa.net/news.
Orange County Supervisor Katrina Foley was elected to the Board of Supervisors in 2022 to represent the newly established District 5, which includes the cities of Aliso Viejo, Costa Mesa, Dana Point, a large portion of Irvine, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Newport Beach, San Clemente, San Juan Capistrano, as well as the unincorporated areas of Coto de Caza, Emerald Bay, Ladera Ranch, Las Flores, Rancho Mission Viejo, Stonecliffe and Wagon Wheel. This is her second term on the Board of Supervisors, where she previously served District 2.
Supervisor Foley’s Board appointments include the Orange County Fire Authority, Coastal Greenbelt Authority, Law Library Board of Trustees, Newport Bay and South Orange County Watershed Executive Committees, OC Public Libraries Advisory Board, Orange County Housing Finance Trust, Orange County Juvenile Justice Coordinating Council, Orange County Transportation Authority, and the Transportation Corridor Agency.