Transportation Infrastructure Finance | U.S. Department of Transportation

Fact Sheet: 183-A Turnpike Project

Description

The 183-A Turnpike is a new 11.6-mile controlled access north-south tolled highway east of the existing US 183 in metropolitan Austin. This regionally significant project connects to the Central Texas Turnpike System, previously funded in part with TIFIA credit assistance. The project will alleviate congestion and improve safety in a fast growing region that consistently ranks as one of the Nation's most congested.

The project is a four-lane facility, but will accommodate expansion to six lanes.

Project Status

The Project officially opened to traffic on March 3, 2007, on time and on budget. Initial toll revenue collections (cash only) began on May 1, 2007 with collection on discounted toll tag accounts beginning on June 1, 2007 as part of phased promotional implementation program. Full implementation of toll collection operations began on July 1. 2007.

Funding Sources

The estimated funding sources for the project are as follows (dollars in millions):

TIFIA Credit Assistance

Direct loan: $66 million.

Date of credit agreement: March 2, 2005.

Net toll revenues on the full 11.6-mile system secure the loan. The Federal Government has a subordinate lien on these revenues with respect to debt service due on senior lien bonds.

TIFIA Financial Performance

Along with the senior bonds issued at the time of financial closing, CTRMA issued $66 million of low interest Bond Anticipation Notes (BANs) with maturity in January 2008. CTRMA had the option of retiring the BANs with draws on the TIFIA loan, additional bonds, or any other funds available. In December 2008, the CTRMA requisitioned the full amount of the $66 million TIFIA loan to retire the BANs. TIFIA funds were disbursed on December 18, 2007.

Mandatory interest as well as scheduled interest and principal payments begin in January 2012. The final maturity of the TIFIA loan is January 2042.