Based on the recommendations of the Transportation Committee and the Independent Taxpayer Oversight Committee, SANDAG approved an interest rate hedging proposal. This investment strategy allows SANDAG to lock in now at a low interest rate of less than four percent, even though bonds will not be issued until 2008 when the TransNet Extension takes effect. This could result in a debt cost savings of $3.1 million per year, or $93 million over the 30-year life of the transaction. The move also will provide protection during times of recession and inflation, and enable SANDAG to get more transportation projects on the ground faster.
In November 2004, 67 percent of voters countywide approved the 40-year extension of TransNet – the local half-cent sales tax for transportation improvements. A major milestone for the region, the extension will generate over $14 billion for our transportation system – with $850 million earmarked for environmental mitigation. TransNet dollars continue to keep San Diego moving – adding 227 miles of highway lanes; financing more than 800 local road projects; and expanding regional transit with over 85 miles of trolley and commuter rail lines.
Project Manager
Craig Scott
619-699-1926
