la Frontera In the News

Austin Business Journal

August 29, 2002

$2.2B in bonds sold for road project

Gov. Rick Perry on Thursday announced the sale of $2.2 billion in bonds for construction of key elements of the Central Texas Turnpike System.

The bonds, issued by the Texas Transportation Commission, provide financing for State Highway 130, State Highway 45 and a Loop 1 extension.

With the sale of the bonds, completion of the project is expected by December 2007.

The bonds will be repaid through collection of tolls. The Central Texas Turnpike System is one of the country's largest toll road projects.

Central Texas Turnpike System projects that will be built with the bond funding include.

• A 49-mile segment of SH 130 from north of Georgetown to U.S. Highway 183 south of Austin.
• A 3.5-mile extension of Loop 1, or MoPac Expressway, from FM 734, or Parmer Lane, to SH 45.
• A 12.2-mile segment of SH 45 from Ridgeline Boulevard west of 183 to SH 130.

The total cost of the project — including right-of-way acquisition, utility adjustments, and design and construction — is estimated at $2.9 billion. Federal, state and local dollars will make up the $700 million difference between the entire cost and the bond funding secured.