Build America Bonds arrived at a critical stage for the North Texas Tollway Authority as it was embarking on projects that would more than triple its debt load.

Faced with the need to raise more than $3.2 billion for one project alone, the NTTA’s issuance plans were caught up in the credit market’s downdraft in 2008. As the auction-rate market collapsed and Lehman Brothers went belly-up, the authority was forced to extract itself from interest-rate swap agreements with the investment bank.

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