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Article: Harris County hopes for to acquire Houston Ship Channel bridge. (Harris County, Texas)
- Article from:
- The Bond Buyer
- Article date:
- December 13, 1993
- Author:
CopyrightCOPYRIGHT 1993 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DALLAS - Harris County, Tex., hopes to reach a preliminary agreement with the Texas Turnpike Authority to acquire the Houston Ship Channel toll bridge during a meeting scheduled for today, the head of the county's toll road authority said.
Under the county's proposal, Harris County would take over the bridge and, by issuing bonds, defease the debt obligations of the Texas Turnpike Authority, which is attempting to head off default of junk-rated junior lien bonds. The authority floated the junk bonds about eight years ago to cover revenue shortfalls on the bridge, which has lost money since it opened in 1982.
"We finalize the agreement Monday with the ...