FOR IMMEDIATE RELEASE
March 5, 2025
Latisha Townsend – Communications Director
(714) 559-8364 | Latisha.Townsend@ocgov.com
Vice Chair Katrina Foley Highlights OCTA Finance Team’s Work to Save Orange County $10.5 million
ORANGE COUNTY, CALIFORNIA — Yesterday, the OC Transportation Authority (OCTA) finance team successfully refinanced approximately $250 million in Build America Bonds used for Measure M2, saving $10.5 million (4.4 percent). These savings more than doubled the expected savings of $4.2 million (1.6 percent), which was initially approved by the Board of Directors on February 24, 2025.
“Only recently did refinancing pencil out to savings. The savings and reduction of the OCTA’s over reliance on the federal government made this an obvious path for smart fiscal management,” said Vice Chair Katrina Foley. “Though we only expected savings of $5 million, the diligence of our finance team brought home savings of more than $10 million – a big win for OC taxpayers and commuters alike.”
In 2013, the federal government lowered their subsidy of interest payments on our Build America Bonds, making OCTA pay a larger share. To prevent OCTA’s continued reliance on this subsidy, which could lower again, the organization refinanced the bonds. The new bonds present no delay in maturity and hold a 3% interest rate.
District 5 constituents can look forward to their investments going directly to projects that will impact their daily commute and enjoyment. Impacted projects include trolleys, active transportation, coastal rail resilience, highway maintenance, road improvements, and more.
A detailed presentation on the bond refinancing to the Finance and Administration Committee is scheduled for March 26, 2025. View Vice Chair Katrina Foley’s full remarks during the February 24 Board of Supervisors meeting here at 20:10.
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Orange County Supervisor Vice Chair Katrina Foley was elected to the Board of Supervisors in 2022 to represent the newly established District 5, which includes the cities of Aliso Viejo, Costa Mesa, Dana Point, a large portion of Irvine, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Newport Beach, San Clemente, San Juan Capistrano, as well as the unincorporated areas of Coto de Caza, Emerald Bay, Ladera Ranch, Las Flores, Rancho Mission Viejo, Stonecliffe and Wagon Wheel. This is her second term on the Board of Supervisors, where she previously served District 2.
Vice Chair Foley’s 2025 Board appointments include:
Chair – Orange County Housing Finance Trust,
Orange County Audit Oversight Committee,|
Orange County Transportation Authority (OCTA),
Vice Chair – OCTA Legislative and Communications Committee, Regional Transportation Committee,
Los Angeles – San Diego – San Luis Obispo (LOSSAN) Rail Corridor Agency,
Transportation Corridor Agency (TCA),
TCA Joint Capital Improvements and Projects Committee,
San Onofre Nuclear Generating Station (SONGS) Community Engagement Panel,
Co-Chair – Spent Fuel Solutions Coalition,
Orange County Public Libraries Advisory Board,
Coastal Greenbelt Authority,
Newport Bay and South Orange County Watershed Executive Committees,
Ocean Institute,
Orange County Community Corrections Partnership (OCCCP),
Santa Ana River Flood Control Protection Agency,
Orange County Juvenile Justice Coordinating Council.
