Friday, April 18, 2014

Airports Authority Commits to Keep Toll Rates Constant for 5 Years

The Metropolitan Washington Airports Authority (MWAA) reiterated its intention to hold tolls on the Dulles Toll Road at their current rate through 2018.
The announcement, made at the Airports Authority's monthly board meeting on Wednesday, is the result of a concerted effort to reduce costs on the Silver Line Project, which is funded in part by tolls, and remains predicated on receipt of a low-interest federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan and the previous commitment of $300 million by the Commonwealth of Virginia to off-set toll increases.
At its meeting the board also authorized the issuance of $450 million Dulles Toll Road Revenue Refunding Bonds. If the TIFIA loan is approved, this round of bonds, which are guaranteed against future revenue generated by tolls on the Dulles Toll Road, would fund the remaining portion of the Dulles Toll Road share of the Silver Line Project.
Read more from the MWAA.

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