By: Orange County Supervisor Todd Spitzer
The 241 toll road runs from the 91 freeway in Anaheim Hills to Oso Parkway in Rancho Santa Margarita. Financed by bonds that borrowed against revenues from tolls, the 241 bonds were to be paid off in 2040, at which point the 241 toll road would stop charging tolls and become a freeway. Instead, the Foothill/Eastern Transportation Corridor Agency (TCA) Board of Directors voted to refinance the bonds with $1.8 billion in additional payments and delaying the payoff date to 2053.
TCA Director Todd Spitzer opposed the vote, instead proposing a strategy to deal with the financial situation of the 241 toll road by negotiating directly with the bondholders, as the TCA did with the 73 toll road. Continue reading