LOS ANGELES -- An oversight panel chaired by California Treasurer Bill Lockyer is analyzing the bond debt of two Orange County, Calif. toll roads to determine if they can take on more debt to fund a planned extension of one of two tollways.

Lockyer asked the California Debt and Investment Advisory Commission, which he chairs, to analyze the agency’s “debt status and ability to take on more debt,” said Tom Dresslar, a spokesman in the treasurer’s office.

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