Well this is a bit awkward. It is going to cost you as much as $80 to attend the Advancing Women in Transportation, Orange County Chapter’s “Welcome Reception Honoring Neil Peterson, CEO of the O.C. Transportation Corridor Agencies,” which is set for Wednesday, July 24, 2013 from 5:30 pm to 7:30 pm, at The Center Club, which is located at 650 Town Center Drive, Costa Mesa.
What is awkward about that? Well according to Bloomberg, the O.C. Transportation Corridor Agencies may default on $2.4 billion of bonds unless a planned restructuring takes place, according to a report from state Treasurer Bill Lockyer. Whoops! Will anyone attending this reception dare ask Peterson about that?
This is despite price hikes passed by this teetering agency in June of this year. The biggest hike was at the Alton Parkway ramp on the 241 toll road, where the cash rate increased by 75 cents, to $2.25, and the FasTrak rate went up by 55 cents, according to the O.C. Register.
They were also recently denied a waste discharge permit by the State Regional Water Control Board for their first 5.5-mile “Tesoro” segment of a 16-mile extension of the Foothill-South Route 241, according to the Voice of OC.
“Building a toll road through a state park was a bad idea when it was rejected by the Bush Administration in 2008 and is a bad idea now,” said Elizabeth Goldstein, president of the California State Parks Foundation. “TCA is selling the public on a road that won’t alleviate traffic and will literally cut in half one of the most popular state parks in California.” (Voice of OC)
Former Orange County Assemblywoman Marilyn Brewer put the state’s review of the 241 in motion last year with a letter to the Treasurer’s Office questioning how the toll-road agency could afford to build an extension. She said Wednesday that she was disappointed in the results, which she summarized as: “Oh well, let’s refinance and extend it out further,” according to the O.C. Register.
What a mess! But hey if you are a student you can listen to the poor OC Toll Road CEO prattle on for only $40. What a deal.