1 The Bay Area Toll Authority — Back to the Future? Steve Heminger Executive Director Steve Heminger Executive Director

2 Back to the Future?  California Toll Bridge Authority  Separate from the California Division of Highways – predecessor of Caltrans

3 Bay Area’s Network  The Metropolitan Transportation Commission (MTC) is the regional transportation planning organization for the San Francisco Bay Area  400 miles of carpool lanes  1,400 miles of highway  19,000 miles arterial streets  7,000 miles of transit routes

4 Bay Area’s Toll Bridges  The Bay Area Toll Authority (BATA) oversees seven state-owned toll bridges in the San Francisco Bay Area  San Francisco-Oakland Bay  San Mateo-Hayward  Dumbarton  Richmond-San Rafael  Carquinez  Benicia-Martinez  Antioch * * Golden Gate Bridge owned and operated by the Golden Gate Bridge, Highway and Transportation District (GGBHTD)

5 Bay Area’s Toll Bridges

6 Toll Structure and Revenues  Toll Structure  Regional Measure 1 (1989)$1  Seismic Surcharge (1998)$1  Regional Measure 2 (2004)$1  Seismic Surcharge (2007)$1 Total Auto Toll $4  Annual Toll Revenues  Regional Measure 1 (1989)$130 M  Seismic Surcharge (1998)$120 M  Regional Measure 2 (2004)$120 M  Seismic Surcharge (2007) $120 M Total Annual Revenues$490 M

7 Earthquakes  1989 Loma Prieta  6.9 Magnitude  60 miles from SF

8  $8.7 Billion Retrofit Program on the following bridges:  San Mateo-Hayward (2000)  Carquinez (2002)  Benicia-Martinez (2002)  Richmond-San Rafael (2005)  San Francisco-Oakland Bay (Under Construction) Toll Bridge Seismic Retrofit Program

9 Seismic Retrofit Program Status Seismic Retrofit Projects- AB144 Budget (7/2005) Current Forecast Budget (4/2008) Variance San Francisco-Oakland Bay Bridge East Span Replacement 5,487 5, San Francisco-Oakland Bay Bridge West Approach Replacement San Francisco-Oakland Bay Bridge West Span Seismic Retrofit Richmond-San Rafael Bridge Seismic Retrofit Benicia-Martinez Bridge Seismic Retrofit Eastbound Carquinez Bridge Seismic Retrofit San Mateo-Hayward Bridge Seismic Retrofit Other Costs192 0 Program Contingency Total (in $ millions)8,685 0

10 SFOBB East Span Seismic Safety Replacement Project Skyway SAS YBI Transition

11 SFOBB East Span Seismic Safety Replacement Project

12 Oakland Touchdown Contract

13 Oakland Touchdown Contract

14 Skyway

15 SAS E2/T1 Foundations

16 SAS T1 Tower Foundation

17 SAS Contract

18 SAS Contract

19 Yerba Buena Island – Labor Day 2007

20 Yerba Buena Island Detour Contract

21 Yerba Buena Island Detour Contract

22 SFOBB West Approach Project

23 SFOBB West Approach Project

24 Accountability  AB 144 established the Toll Bridge Program Oversight Committee, composed of Director of the California Department of Transportation (Caltrans), and the Executive Directors of the California Transportation Commission (CTC) and the Bay Area Toll Authority (BATA), to be accountable for delivering the SRP. WILL KEMPTON Director California Department of Transportation STEVE HEMINGER Executive Director Bay Area Toll Authority JOHN F. BARNA, JR. Executive Director California Transportation Commission

25  $2.4 Billion Congestion Relief and Capital Improvement Program including: Regional Measure 1 Program  San Mateo-Hayward Bridge Widening (2003)  New Carquinez Bridge (2004)  Richmond-San Rafael Bridge Trestle Replacement (2005)  Richmond-San Rafael Bridge Deck Overlay (2006)  New Benicia-Martinez Bridge (2007)  I-880/SR-92 Interchange Reconstruction (Construction)

26 Regional Measure 1 Program Status

27 New Carquinez Bridge (2003)

28 Benicia-Martinez Bridge (2007)

29 Benicia-Martinez Bridge (2007)

30 880/92 Interchange Project

31 Regional Measure 2 Capital Project Program Project Funding (in $ millions) Ferry Programs$197 Bus Programs$157 Transbay Terminal$150 BART Tube Seismic$143 Dumbarton Rail$135 Interstate 80/680 Improvements$100 E-BART Extension$96 BART-Warm Springs$95 Interstate 580 Corridor$65 Caldecott Tunnel 4 th bore$51  The RM2 funding program is primarily oriented towards transit alternatives  RM2 provides partial funding to projects, balance provided by project sponsor  If funding or project fails, BATA can reallocate funding to different project in the same bridge corridor

32 Regional Measure 2 Operating Program  RM2 provides a key source of funding for a variety of new transit services  Operating cost payments are subordinated to debt service Project Annual Funding Cap (in $ millions) Regional Express Bus (S)7.4 Alameda Ferry7.2 Dumbarton Rail6.2 Regional Express Bus (N)3.9 Albany Ferry3.6 South SF Ferry3.4 Vallejo Ferry3.1 Water Transit Administration3.0 AC Transit3.0 Muni Metro2.5 Golden Gate2.4 Owl Bus2.1 Napa Transit0.4

33 BATA’s Debt Portfolio  Current BATA debt portfolio is $5.2 billion  $2.3 billion fixed rate debt  $2.9 billion variable rate debt  The weighted cost of the entire “AA” portfolio is $ 4.20%, as of May 2008  BATA’s goal to deliver the entire $12 billion toll construction program within the $4.00 toll structure DebtPrincipal (in $ millions) % Fixed2,30044% Variable2,90056% Total Debt5,200

34 BATA’s Efficient Credit 9/24/ /24/2004 1/24/20053/24/20055/24/20057/24/20059/24/ /24/2005 1/24/20063/24/20065/24/20067/24/20069/24/ /24/2006 1/24/20073/24/20075/24/20077/24/20079/24/ /24/2007 1/24/20083/24/20085/24/2008 RESET DATE RATES PRO FORMA TARGET ROLLING AVERAGE ALL IN COSTS RBI BENCHMARK

35 BATA’s Strong Credit RatingOutlook FitchAA-Stable Standard and Poor’sAAStable Moody’sAa3Stable

36 FasTrak ® Electronic Toll Collection System

37 Strong FasTrak ® Account Growth

38 Increasing FasTrak ® Usage

39 Expanding FasTrak ® Options

40 Regional HOT Network  HOT Network introduces pricing; revenue pays to expand carpool lane and express bus systems  Demonstration HOT lanes in Alameda, Santa Clara Counties 40

41 Regional HOT Network Study  HOT network could:  Help manage HOV lanes  Reduce delay and emissions  Be phased in by 2025  Pay for itself over 30-years, freeing up STIP revenue  Must be approached as a regional network  New institutional arrangements required for governance and revenue pooling

42 Unfinished Business  Dumbarton and Antioch Bridge Retrofits  Bike/Pedestrian Access – 2 ½ bridges to go  Regional Measure 3  Open Road Tolling  Asset Ownership?