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73 FULL CLOSURE
Northbound and Southbound 73 Toll Road Between 133/Laguna Canyon Road and Newport Coast Drive Nighttime Full Closure Tuesday, Dec. 5, 10 p.m. to 4 a.m. Wednesday, Dec. 6.
Southern California Edison (SCE) will be conducting work along the 73 Toll Road requiring a nighttime full closure of both northbound and southbound roadways. The work is required to remove and relocate power lines near the Catalina View Toll Point. Detours will be in place to assist drivers.
Click here to learn more about the closure.
Transportation Corridor Agencies December Board Meeting Highlights
Highlights from the December 12 Joint San Joaquin Hills and Foothill/Eastern Transportation Corridor Agencies Board Meeting are provided below.
IRVINE, Calif. - December 12, 2019
Debt Management Policy
The Boards of Directors for both the Foothill/Eastern Transportation Corridor Agency (F/ETCA) and San Joaquin Hills Transportation Corridor Agency (SJHTCA) approved a Debt Management Policy for the Agencies. The approval of such a policy is required by California Government Code and is consistent with the Agencies’ practices to date.
Performance Audit Discussion
F/ETCA and SJHTCA Boards of Directors discussed the findings and recommendations of a performance audit conducted by auditing firm Crowe LLP. The audit concluded that the Transportation Corridor Agencies (TCA) complied with all contract requirements and that no malfeasance by the Agency or the contractor occurred. The Boards directed staff to bring the item back for further discussion in the future.
Accounting And Contracts Management
The Board of Directors of both agencies discussed a new contract with CentralSquare Technologies that provides for an upgrade to TCA’s financial accounting system (System). The System is currently supported by CentralSquare. Staff was directed to further refine contract terms, specifically the length of term, and return to the Board in January for consideration of the contract.
Update On Foothill/Eastern Refunding Opportunity
TCA’s CFO Amy Potter provided an update on the refunding of bonds that was approved by F/ETCA in November. F/ETCA successfully priced its bonds, resulting in a reduction in debt service payments of over $260 million and a present value savings of more than 16 percent over the life of the bonds.
The refunding transaction achieves F/ETCA’s Boards’ goals to:
- Decrease annual debt payments every year without extending any maturity dates.
- Improve debt service coverage every year.
- Include a 10-year par call option on refunding bonds to preserve future flexibility in managing debt.
Contracts Approved
At their December 12th meeting, the F/ETCA and SJHTCA Boards of Directors voted to approve:
- An additional $21,722 in contract value for additional work performed by Crowe LLP in order to ensure a comprehensive and effective audit of Venture Strategic Inc.
- A three-year fixed fee contract valued at $630,760 with Alliant Insurance Services Inc. to provide insurance broker services for TCA. The authorization includes two, one-year options.
- A three-year contract with CenturyLink for voice and data services that support toll system operations, customer service and general administrative functions at a cost of $1,033,000. The authorization includes two, one-year options.