DALLAS — The Texas Department of Transportation was preparing to open a 15-mile section of the Grand Parkway toll road around metropolitan Houston in time for the New Year, officials said.

The new section of the 189-mile tollway known as Segment E connects Houston's western suburbs of Katy and Cypress, providing nonstop travel between Interstate 10 and US 290.

Segments D and I-2 are the only other portions open to traffic so far. Construction on segments F-1, F-2 and G began in July, with completion scheduled in late 2015.

After a free period for Segment E ends, drivers will need a prepaid toll account to pay their tolls. All tolls will be collected electronically on the high-tech toll road as no manned tollbooths are included.

The cost of tolls on the new Grand Parkway will depend on the type of vehicle and where a driver gets on and off the toll road.

For drivers of two-axle vehicles, a one-way trip between I-10 and US 290 will cost $2.88.

In the largest deal of the year for the Southwest region in 2013, the Grand Parkway Transportation Corp. issued $2.86 billion of toll revenue bonds in July to finance the construction.

The GPTC was created by the Texas Department of Transportation to build the tollway.

Senior manager Goldman, Sachs & Co. led a syndicate of 17 underwriters, including JPMorgan, Bank of America Merrill Lynch, Barclays and Citi for the bond issue.

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