DALLAS — A Republican lawmaker from one of Texas' most heavily tolled counties has introduced legislation to remove tolls after a turnpike's bonds are paid off.
Rep. Matt Shaheen, R-Plano, said in a statement attached to House Bill 1734 that the legislation "returns tolling to its traditional purpose, a temporary funding mechanism that is removed once the roads are fully paid off."
The bill would also restrict the North Texas Tollway Authority's ability to extend the maturities of its toll revenue bonds. The NTTA, the de-facto highway builder in the North Texas region is headquartered in Plano, which Shaheen represents.
NTTA spokesman Michael Rey noted that the authority issues bonds backed by revenues from the entire system rather than a particular toll road.
The NTTA has $6.22 billion of first-tier revenue bonds and $1 billion of second-tier bonds outstanding, according to Moody's Investors Service. Moody's rates the first-tier A2 and the second-tier A3 with stable outlooks. NTTA also has $400 million of capital improvement fund subordinated bonds rated Baa3 by Moody's.
Shaheen represents Collin County, in which NTTA operates major projects such as the $3.2 billion Sam Rayburn Tollway and the flagship North Dallas Tollway. When a private operator calling itself the Texas Turnpike Corp. proposed a new tollway that would have served the area, opponents showed up at public hearings in such numbers that local officials backed away from the proposal.
The legislature is considering House Bill 565 by State Rep. Cindy Burkett, R-Sunnyvale, that would remove the Texas Turnpike Corp.'s eminent domain power. The corporation has no toll roads in operation.
