Toll Road Refinancing: An Extra 13 Years to Pay

On Thursday, the leaders of the toll road system in Orange County approved the sale of a $2.4 billion bond to refinance certain toll roads, as a way to help the struggling financial state of the toll system.

However, the sale also means that Orange County drivers will have to continue to pay for the Foothills-Eastern system, which includes the 133, 241 and 261 tollways, for 13 additional years – now until 2053. 

According to the Los Angeles Times, the ridership on this toll system is lower than projected, and has been for years. That, combined with increasing debt payments, meant the Transportation Corridor Agencies had to take action.

By a vote of 12-1, the bond sale was approved. San Clemente city councilmember Bob Baker was the lone dissenting vote, according to the paper. Baker said he feared what kind of costs 13 years of increased usage and debt accrual woud have on the state. 

"This is like refinancing a home mortgage," said Lisa Bartlett, Dana Point's mayor pro tem and chair of the Foothill-Eastern's Board of Directors.