The Metropolitan Washington Airports Authority will hold three public hearings later this summer regarding a proposed toll increase for the Dulles Toll Road. The proposed 25-cent fare hike will raise revenues for the Metrorail extension to Dulles International Airport.
The MWAA expects to issue $1.3 billion early next month to finance the construction, before the toll increases take effect. A traffic and revenue study conducted by Wilbur Smith and Associates will provide investors in the bonds with revenue estimates.
The bonds could be insured, said Lynn Hampton, the authority’s chief financial officer. Ratings have not yet been released. The syndicate for the bonds will be led by Morgan Stanley and Citi.
Current rates on the toll road’s mainline plaza are 75 cents and 50 cents on the ramps for two-axle vehicles.
The MWAA board will make a final recommendation on the toll increases after the meetings. A vote is expected in November for the increase to take effect on Jan. 1, 2010. Rates could climb to $1.50 at the mainline plaza by 2012, according to the financing plan.