Monday, October 13, 2008
NTTA to borrow $100 million for Highway 121 toll road project
The NTTA just got ... $100 million!
The North Texas Transportation Authority, faced with a November deadline to pay for $225 million worth of short-term "bond anticipation notes" used to finance the Highway 121 toll road project, is set to borrow $100 million from Bank of America, which supposedly will put them in good shape to cover the remaining $125 million next week.
Gotta give it up to the NTTA -- borrowing $100 million during a global credit crisis, even from a bank in good standing, is no small feat. Of course, the logistics of this deal make my head hurt -- can someone wake me when it's over?
Posted by Alex B.
Scott Doyle says:
lol, nice pictoral Bentley.
Seems pretty reasonable to me. Dropped $3.3 billion to get the bid; now only scrambling for $100mil in the final month approaching TxDOT's deadline. Those thrifty cats didn't even bother <a href="http://www.pegasusnews.com/news/2008/oct/13/newest-segment-121-tollway-between-carrollton-and-/">punching out</a> speed limit signs!
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