Before we jump into the news about the State Treasure
investigating the Transportation Corridor Agency (TCA), we want to bring up a
few points about how this agency is a burden to you, the taxpayer.
A longstanding promise of the TCA is that the roads they
build will one day be paid off and “belong to the people of California”.
However, the timeline of that promise keeps changing.
Just recently, the TCA Foothill Eastern Board of Directors
voted to refinance their debt and bonds—this “restructuring” would effectively
push out their debt an additional 13 years.
It’s important to note that while we are waiting to obtain
these “free roads” we will continue paying for the upkeep TCA’s roads. Caltrans (who is funded by our tax dollars) maintains all
TCA roadways. Remember in 2001 when storm drain filters on 73 Toll Road failed and had to
be replaced? Oh yeah, we taxpayers spent $13.5 million to
fix their problem.
And lets not forget how the TCA constantly claims that they
do not rely on public funds for their roads, yet over the past several years we
have seen them try to obtain federal grants and subsidies (via the Transportation Infrastructure Finance and Innovation Act (TIFIA) and other federal programs).
Surfrider is highlighting the financial burdens and pitfalls
of this agency because quite frankly the news about the State Treasure
investing TCA is huge. As the Orange County
Register reports, it’s very a rare investigation, noting: “This
is the first time in recent memory that the commission has examined the
finances of a local agency, said Dressler, the treasurer's spokesman.” The LA Times notes that Wall Street ratings agencies have labeled the San Joaquin Hills toll
road's “junk bonds” and the Foothill-Eastern corridor’s bonds are low
investment grade.
Surfrider regularly
attends TCA Board meetings. During the meetings
they paint a rosy picture of their finances—glossing over low ridership, the
increase in tolls, and now they are glossing over the investigation of the State
Treasure.
While it’s hard to
say exactly what the investigation will find, things are not looking good for
the TCA.