DALLAS — A team of developers will receive the proceeds of $400 million of private-activity bonds this month to finance one of the most ambitious public-private toll operations in Texas: a $2 billion project known as the North Tarrant Express.

The tax-exempt PABs will be issued by the Texas Private Activity Bond Surface Transportation Corp. The PABs were approved by the U.S. Department of Transportation last year as part of a $15 billion authorization under the Safe, Accountable, Flexible, Efficient Transportation Equity Act: a Legacy for Users. In early November, SAFETEA-LU was extended by Congress through Dec. 18.

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