Revenue Bonds, federal grants and specified tax revenues (after debt service) provide the bulk of financing for the construction of these facilitiesDirector of Revenue Obligations Financing However, such other revenues have always been sufficient. The Authority is responsible for the construction, operation and maintenance of Puerto Rico's toll road network, major highways and mass transportation facilities. All toll plazas have the Auto Expreso lanes. Toll plazas are located in Caguas, Salinas, Juana Díaz, and Ponce. Here is a list of toll roads in Puerto Rico: PR-5 – Connects PR-22 to Baymón (one toll collection). The Puerto Rico government will have to find a way to generate new revenue for the transportation authority by then, Donahue said, adding that the plan will have to put the agency on a long-term road to financial solvency.If the GDB does not find a plan by then, the bank's auditor may have to mark down the authority's debt as not likely to be paid back in full, according to Donahue. Puerto Rico Highway 53 tollway connects Fajardo to Salinas. The Authority is required to accumulate and maintain a debt service reserve equal to the lesser of the maximum annual debt service on its Highway Revenue Bonds or 10 percent of the principal amount of the bonds outstanding.Transportation Revenue Bonds are payable out of the excess proceeds after payment of Highway Revenue Bonds plus proceeds derived from an Excise Tax on certain petroleum products of $9.25 per barrel up to a maximum of $120 million annually, in addition to any toll revenues on the Authority's traffic facilities that were not financed with Highway Revenue Bonds.The Authority is responsible for the construction, operation and maintenance of Puerto Rico's toll road network, major highways and mass transportation facilities. “To accomplish this in Puerto Rico with more than 45 percent of our population without bank accounts has been truly remarkable. Alejandro García Padilla, elected in January, is on track with efforts to stabilize the commonwealth's budget.The Highways & Transportation Authority is responsible for the construction, operation and maintenance of Puerto Rico's toll road network, major highways and mass transportation facilities.It has been bleeding money for years.According to the GDB, the authority's annual fiscal deficit was $371 million in fiscal 2009, $360 million in fiscal 2010, $372 million in fiscal 2011, $345 million in fiscal 2012 and $245 million in fiscal 2013.Its debt to the GDB has grown from $751 million on June 30, 2009, to $2.05 billion in Dec. 31, 2012.While the bulk of the debt has been used for capital improvements, a substantial amount of the debt since fiscal 2010 has been used to cover operating expenses.It is not good to see the authority depending on the GDB to cover its operating expenses, Schankel noted.The authority's revenue stream is pretty good, said John Hallacy, manager of municipal research at Bank of America Merrill Lynch. The amount of driving in the commonwealth has a big effect on the authority's revenues, he said, and that is influenced by economic activity and gas prices.The authority is subsidizing the Tren Urbano rapid-transit rail system in San Juan and its suburbs, Donahue said, and the expense is a growing problem.Hallacy was more positive about the urban rail system. Program Areas: Value Capture Techniques: Asset Recycling: Mode : Toll Highway.
"The GDB's books will close on June 30. Since the bank has served as a provider of liquidity for governmental authorities, a downgrade of the bank would be a blow to all the agencies.Alan Schankel, managing director of fixed-income research at Janney Capital Markets, was more optimistic about the GDB.
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