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TRANSPORTATION CORRIDOR SYSTEM MEETS TO CONSIDER POTENTIAL ACQUISITION OF ORANGE COUNTY TOLL ROADS
21-member board elects leadership, appoints finance team
IRVINE, Calif. (August 9, 2007) – Local elected officials met today as the Transportation Corridor System (TCS) Board of Directors, a joint powers authority created to undertake the possible purchase of the San Joaquin Hills and Foothill/Eastern Transportation Corridor Agencies. The San Joaquin Hills and Foothill/Eastern Agencies operate the 73, 241, 261 and 133 Toll Roads.
The Board elected Mayor Pro Tem Jerry Amante to serve as Chairman, 5th District Supervisor Pat Bates to serve as Vice Chair and Aliso Viejo Mayor Carmen Cave as Secretary.
“This is a complex transaction but one of enormous importance for Orange County’s toll road system and mobility in the region,” said Chairman Amante after his election.
The TCS Board of Directors appointed a finance team to develop a potential acquisition transaction, which both the Foothill/Eastern and San Joaquin Hills Agencies have been working on for several months. The purchase would effectively merge operations for Orange County’s toll road system and provide more flexibility for financing the completion of the 241 Toll Road after the environmental approvals for the project are obtained.
Before final votes on whether or not to execute the acquisition can occur, the
Agencies must receive updated Traffic and Revenue studies, Development Impact Fee projections, obtain an appraisal and bond ratings and evaluate whether market conditions are favorable for the transaction.
The final decision is expected to occur in late 2007 or early 2008 and will involve votes by the San Joaquin Hills and Foothill/Eastern Agencies to sell and a vote by the TCS to acquire and issue more than $4 billion in toll revenue bonds to fund the transaction.
ABOUT TCA/THE TOLL ROADS
More than 320,000 trips are taken on The Toll Roads every weekday. The Toll Roads are operated by the Foothill/Eastern and San Joaquin Hills Transportation Corridor Agencies, two joint powers authorities formed in 1986 to plan, finance, construct, and operate Orange County's 67-mile public toll road system. Fifty-one miles of the system are complete, including the San Joaquin Hills (73) Toll Road from Newport Beach to San Juan Capistrano and the Foothill (241) and Eastern (241, 261, and 133) Toll Roads from the 91 Freeway to south Orange County.
FINANCE TEAM
| Citi | Senior Book Running Manager |
Bear Stearns | Co-Manager |
Goldman Sachs | Co-Manager |
JP Morgan Chase | Co-Manager |
Raymond James | Co-Manager |
UBS | Co-Manager |
Co-Financial Advisors – Gardner, Underwood & Bacon, LLC, Public Financial Management
Bond & Tax Counsel – Stradling, Yocca, Carlson & Rauth
Issuer’s Counsel – Nossaman, Guthner, Knox & Elliott
Special Acquisition Counsel – Foley & Lardner
Appraisal Consultant – Marshall & Stevens
Traffic & Revenue Consultant – Stantec Consulting Services
Trustee – BNY Western Trust Company
Rating Agencies – Fitch, Moody’s, Standard & Poor’s
TRANSPORTATION CORRIDOR SYSTEM DIRECTORS
| Carmen Cave | Aliso Viejo |
Lucille Kring | Anaheim |
Eric Bever | Costa Mesa |
Sam Allevato | San Juan Capistrano |
Pat Bates | 5th District Supervisor |
Lisa Bartlett | Dana Point |
Sukhee Kang | Irvine |
Joel Lautenschleger | Laguna Hills |
Bert Hack | Laguna Woods |
Paul Glaab | Laguna Niguel |
Peter Herzog | Lake Forest |
Frank Ury | Mission Viejo |
Don Webb | Newport Beach |
Mark Murphy | Orange |
Gary Thompson | Rancho Santa Margarita |
Bill Campbell | 3rd District Supervisor |
Carlos Bustamante | Santa Ana |
Chris Norby | 4th District Supervisor |
Jim Dahl | San Clemente |
Jerry Amante | Tustin |
Jan Horton | Yorba Linda |
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