Cameron County
Revenue & Tax Bonds, Series 2012
(State Highway 550 Project)

State Highway (SH) 550 is a new all electronic toll road in South Texas – the first in the Lower Rio Grande Valley – that connects I-69 / US 77 with the Port of Brownsville. The project was developed by the Cameron County Regional Mobility Authority (CCRMA) who owns and operates the toll road. Governed by an interlocal agreement, Cameron County facilitated financing for the direct connector project through the issuance of its $49.5 million Revenue & Tax Bonds, Series 2012, 2014, 2015, and 2016.


  • Pledged Revenues
    • Pass-Through Revenues through an agreement with the Texas Department of Transportation (TxDOT)
    • Vehicle Registration Fees (VRF) on a subordinate lien basis
      • CCRMA has a $10 VRF that was previously pledged to senior lien obligations
    • Net Toll Revenues of SH 550 after operations & maintenance expenses
      • Gantries at FM 1847 opened in early 2012
      • Gantries at the Port opened in December 2012
      • Four new gantries will be constructed as part of the project
    • Backstop of County Ad Valorem Taxes
  • The financing also included...
    • Insured (Assured Guaranty) and uninsured bonds
      • Underlying ratings of AA- / A1 / A+
    • Short (4-1/2 year) call on a portion of the issuance
      • Pass-through revenues accumulated
      • Bonds retired early if revenues sufficient
    • Capitalized interest (CAPI)
    • Rate Stabilization Fund
    • Renewal & Replacement (R&R) Fund
    • Operating Reserve Fund
    • $5.6 million Prop 12 funding from TxDOT

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