Tag Archives: TIFIA loans

Texas’ first foreign-owned toll road handed to creditors

The best solution moving forward is to build freeways not tollways and to ensure that taxpayers get these bankrupt projects back in the hands of the public. Continue reading

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Spain-based Cintra’s SH-130 Toll Road, First and Only Leg of Trans-Texas Corridor, Goes Bankrupt

When it opened back in 2012, SH 130 had long been the poster child of Rick Perry’s failed toll road policies. At one point, the state-operated part of the tollway was so empty a distressed plane landed on it during peak hours. Lawmakers saddled Texas taxpayers with billions in debt and they hid it from the normal, open, public budgetary process. In other words, Texas lawmakers have balanced the budget, in part, because they have issued billions of taxpayer backed subsidies for private toll road companies, while hiding the costs from taxpayers and increasing costs and risks for taxpayers in the long term. Continue reading

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Foreign-owned toll road opens in Dallas

The first foreign-operated toll lanes became fully operational in Dallas over the weekend. Interstate 635, known as the LBJ, opened the first 3-mile stretch of the public-private partnership toll project to the public on Saturday. The expensive price tag won’t hit commuters immediately, since it opened at a big discount for the first six months as drivers get used to the variable pricing. To use the 3.5-miles of phase one, it will cost anywhere from 15 cents up to 95 cents, depending on time of day. However, the regular toll rates will cost between 10 cents PER MILE up to 75 PER MILE in peak hours. Continue reading

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Texas downgrades foreign-owned toll road to junk bond status

Hate to say it, but we told you so.

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Posted in Sovereignty, Taxation, Transportation Tagged , , , , , , , , , , , , , , , , , , , , |