OCTA Sells Bonds
ORANGE — The Orange County Transportation Authority said Tuesday that it sold $234.3 million in two Measure M sales tax revenue bond issues to raise money for freeway improvement projects, primarily the widening of the Santa Ana Freeway.
The OCTA, based in Orange, said the bond sale went smoothly as buyers purchased about 85% of the offering.
Credit rating agency Standard & Poor’s said Tuesday that it gave an AA+ rating to OCTA’s $21.43-million bond issue and an A+ rating to its $224.4-million offering.
S&P; also upgraded its rating on OCTA’s 1992 Measure M bond series to AA+ from AA.
The agency said continued growth in sales tax receipts that provide Measure M revenue, the authority’s ability to cover the debt service and legal protections in the offerings helped to provide the good rating.
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