Montgomery County Toll Road Authority sells $87.7M in revenue bonds to fund Hwy. 249 toll road

Harris County Toll Road Authority shifted traffic to newly constructed southbound frontage lanes on Hwy. 249 on May 2 in Tomball.

Harris County Toll Road Authority shifted traffic to newly constructed southbound frontage lanes on Hwy. 249 on May 2 in Tomball.

The Montgomery County Toll Road Authority announced the sale of $87.68 million in revenue bonds June 5 after approving the sale of revenue bonds during a commissioner's court meeting May 8.

The bonds will fund the construction of MCTRA's segment of the Hwy. 249 toll road—which stretches from the Harris-Montgomery county line at Spring Creek to just south of FM 149 in Pinehurst—as well as Montgomery County's share of a Hwy. 249 bridge at the county line, according to a June 6 statement from the office of Montgomery County Judge Craig Doyal.

The bonds will immediately reimburse Montgomery County for funds it loaned MCTRA, plus interest, officials said in the statement. As the revenue bonds reimburse the county, no property tax revenue dollars will be used to fund the construction of the Hwy. 249 toll road. The revenue bonds will be repaid from toll revenues paid by drivers on the toll road, according to the statement.

County officials anticipate the bonds to be issued June 21, according to the statement. Additionally, construction on MCTRA's segment of the toll road is slated to wrap up by March 1, 2020—a delay from the previous timeline for the project that projected a completion in late 2019.

The sale of the bonds was met with a 3.826 percent rate of return, according to the statement. Additionally, county officials said they saw a high demand for the bonds.

"Critics have made numerous false statements about this project and tried to suggest it would be a failure," Doyal said in a statement. "With Tuesday's sale of these bonds, it shows investors have complete faith in this project and its promise for Montgomery County."

MCTRA's Hwy. 249 segment is anticipated to generate more than $400 million in toll revenue from 2020-40, according to a traffic and revenue study for the Hwy. 249 extension, county officials said.
SHARE THIS STORY
By Anna Lotz

Anna joined Community Impact Newspaper as a reporter in May 2016 after graduating with a degree in journalism from Cedarville University in Cedarville, Ohio. In July 2017, she transitioned to editor. Anna covers education, local government, transportation, business, real estate development and nonprofits in the Tomball and Magnolia communities. Prior to CI, Anna served as editor-in-chief of Cedars, interned with the National Journalism Center in Washington, D.C., and spent time writing for the Springfield News-Sun and Xenia Daily Gazette.


MOST RECENT

Rush Cycle opened a Kingwood location Jan. 13. (Courtesy Rush Cycle)
Rush Cycle offers full-body workouts from new Kingwood studio

Rush Cycle began hosting classes Jan. 13 for its soft opening at 300 Northpark Drive, Ste. 500, Kingwood

U.S. Rep. Kevin Brady, R-The Woodlands, speaks to students at Covenant Christian School. (Andy Li/Community Impact Newspaper)
U.S. Rep. Kevin Brady and others celebrate Covenant Christian School's FEMA grant

The event saw representatives from the city of Conroe, Montgomery County, the Texas Legislature and more.

A Metropolitan Transit Authority of Harris County study on eliminating ride fares left both METRO board members and officials seemingly unconvinced of the likelihood of implementing it in Harris County. (Kelly Schafler/Community Impact Newspaper)
METRO board of directors say free fare 'not feasible' for transit authority

A METRO study on eliminating ride fares left board members and officials unconvinced of the likelihood of implementing it in Harris County.

The deadline to pay property taxes in Montgomery County is Jan. 31. (Andy Li/Community Impact Newspaper)
Montgomery County Tax Office to extend hours for property tax deadline

The deadline to pay property taxes in Montgomery County is Jan. 31.

Fiesta Azteca, a Mexican restaurant straddling Kingwood and Humble, had been open 15 years. (Kathleen Sison/Community Impact Newspaper)
Longtime Atascocita restaurant Fiesta Azteca closes after 15 years

Atascocita-area Mexican restaurant Fiesta Azteca closed in early January, according an "out of business" posting on the business' door.

(Jen Para/Community Impact Newspaper)
Houston Livestock Show and Rodeo concert tickets go on sale Jan. 16

Lower-level seating options are already very limited.

Humble ISD board trustees approved the 2020-21 calendar at the board meeting Jan. 14. (Courtesy Fotolia)
Humble ISD's 2020-21 academic calendar features extra holidays, early start date

For the second year in a row, a majority of Humble ISD residents showed support for an academic calendar featuring extra holidays in both for the 2020-21 year.

Texas oil and gas industry could see a major slowdown in 2020

The oil and natural gas industry paid a record-setting $16.3 billion in taxes and royalties to local governments and the state in 2019, the Texas Oil and Gas Association announced Tuesday.

HGA driver Derek King picks up a patient from David Wayne Hooks Memorial Airport in Spring before transporting her to the Texas Medical Center. (Courtesy Derek King)
Houston Ground Angels seeking volunteers to drive patients to Texas Medical Center

Houston Ground Angels is a nonprofit organization that provides transportation between local airports and the Texas Medical Center for patients with cancer and other life-threatening diseases and illnesses.

A San Jacinto River Authority-operated dam at Lake Conroe controls water releases. (Vanessa Holt/Community Impact Newspaper)
Montgomery County commissioners join Conroe in opposing annual lowering of Lake Conroe


Montgomery County Commissioners Court approved a resolution 3-2 at its Jan. 14 meeting opposing the annual lowering of the level of Lake Conroe.

Montgomery County Commissioners Court met Jan. 14. (Community Impact Newspaper staff)
Montgomery County plans to buy building for traffic operations center

Montgomery County commissioners approved the $1.3 million purchase of a building for a building to house the county’s traffic operations department at its Jan. 14 meeting.

The city of Humble was established in 1886 by Pleasant Smith Humble, and it quickly became known as an oil industry haven. (Kelly Schafler/Community Impact Newspaper)
First downtown Humble revitalization workshop sparks inspiration, ideas

The first workshop to discuss revitalizing the city of Humble’s downtown attracted local residents, business owners and leaders of nearby communities to the Humble Civic Center on Jan. 9.

Back to top