Bond Program

On November 7, 2006, Orange County voters gave Orange County Transportation Authority (OCTA) a vote of confidence and approved a 30-year extension of an existing one half-cent sales tax (Measure M1) that was set to expire in 2011. The renewed measure, Measure M2 (M2), allows OCTA to continue making transportation improvement that benefit the public and the local economy in Orange County. In 2017, OCTA externally rebranded Measure M as OC Go to raise awareness about Orange County’s vital local sales tax for transportation improvements. OC Go is designed to reduce traffic congestion and enhance overall mobility. Improvements in the plan include improving key freeways, upgrading major interchanges, and adding capacity and maintaining streets and roads. OC Go allocates 43 percent of funds to freeway projects, 32 percent to streets and roads, and 25 percent to transit projects. 

On October 14, 2024, the OCTA Board received the 2024 OC Go sales tax forecast of $14 billion through 2041, which reflects a 5.4 percent decrease (or $800 million) compared to the prior year’s forecast. FY 2023-24 sales tax collections declined by 1.8 percent to $431 million, compared to the prior FY. While the Next 10 Plan sets a course for accelerated project delivery through FY 2033-34, it also ensures that the entire OC Go program and project commitments will be delivered through 2041.

On November 12, 2024, the 2024 Next 10 Plan was approved by the Board, incorporating updates to the OC Go sales tax revenue forecast, external funding assumptions, and project cost estimates. This comprehensive plan establishes priorities and funding commitments over a 10-year period (2025-2034) to maintain fiscal sustainability and advance the delivery of transportation improvements. 

The Freeway Program is the largest component of the overall OC Go Program, receiving 43 percent of the net sales tax revenue. Under the 2024 Next 10 Plan, $3.3 billion in freeway projects are scheduled for delivery. As of FY 2024-25, 14 out of the 30 promised freeway projects have been completed, representing a total investment of $2.4 billion.  Among these, the I-405 Improvement Project, valued at $2.1 billion, stands as the largest capital project in OCTA’s history and was successfully completed in 2023.

To support transportation investments, OCTA issues Sales Tax Revenue Bonds. For example, the Series 2019 Bonds, issued in February 2019, provided funding for the general-purpose lanes of the I-405 Improvement Project.  The current outstanding bonds include the Series 2010A Bonds and Series 2019 Bonds. Under the 2024 Next 10 Plan,  no additional bond issuances are planned through 2041.