The San Diego Association of Governments last week authorized the issuance of $350 million worth of tax revenue bonds to raise money for high-priority regional transportation improvements, after gaining AAA scores from the Standard & Poor’s and Fitch bond ratings agencies.
SANDAG plans to sell the bonds this summer as traditional tax-exempt, fixed-rate bonds, taking advantage of the low long-term fixed rates in the current market.
The bonds, which will be structured to mature in 2048, will be secured by tax revenues from TransNet, the region's half-cent sales tax for transportation.
The money raised by the bonds will help fund a variety of important transit, highway and local street projects over the next few years, including the Mid-Coast Corridor Transit Project to extend trolley service to University City.
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