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Article: Orange County Transportation Authority Ratings Reviewed and Confirmed.
- Article from:
- Business Wire
- Article date:
- January 4, 1996
CopyrightCOPYRIGHT 1996 Business Wire. 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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NEW YORK--(BUSINESS WIRE)--Jan. 4, 1996--The Orange County bankruptcy relief package approved by the California Legislature on September 15, 1995 and signed into law by Governor Wilson on October 9, 1995 included three bills stipulating the diversion of Transportation Development Act (TDA) funds normally earmarked for public transit services provided by the Orange County Transportation Authority (OCTA).
The Consensus Recovery Plan intercepts and redirects $38 million a year of OCTA's TDA funds to county bankruptcy relief beginning on July 1, 1996 for a 15-year period. In exchange, $23 million a year in county gas taxes will be transferred from the county to OCTA ...