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

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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.

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  1. The fleecing of Montgomery county continues! $87.7 MILLION DOLLARS for no more than 4 MILES of road? What contractor wouldn’t take that deal? And the real bonus, they plan to make $400 Million off of the road between 2020 and 2040. Notice that in 20 years it pays for itself more than 4 times, but it’s never given back to the public that paid for it? Toll roads are the biggest scam ever played on the republic of Texas. I encourage everyone to contact ALL of your state representatives and Senators and DEMAND that toll roads be abolished immediately in Texas. The lie that the people who use them pay for them is just that…a BIG LIE. It’s a way to tax us into perpetuity. If you live near a big city, you are automatically taxed out the wazoo because they won’t build any non-toll roads any longer.

    • Calvin JENNINGS

      Whymust we pay tolls when we already pay taxes to build and maintain freeways? Who’s pocketing all of this money? Many of us can’t afford the tolls so I hope I i have plans to maintain the non;pay roads Tolls just drain what little we who are poor, disabled, and elderly when we’re already having trouble paying for rent, utilities, grocecefies, and medication. We have to pay for something we already pay for? I smell a rat.

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Anna Dembowski
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.
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