Jacksonville, Fla. (October 28, 2024) – The Jacksonville Transportation Authority (JTA) today announced the refunding of $69.2 million (par amount) series 2015 Local Option Gas Tax (LOGT) bonds that will result in cashflow savings of $17.7 million ($14.7 in net present value) to the JTA over the remaining life of the bonds, saving the JTA approximately $1.6 million per year in debt service costs.
The new series 2024 and 2025 LOGT bonds are the JTA’s first return to the public market for LOGT financing since 2020. The bonds are rated AA with Stable Outlook by both S&P and Kroll.
“The JTA was able to successfully refund our 2015 Local Option Gas Tax bonds, yielding significant savings and allowing us to continue to strengthen our financial position,” said JTA CEO Nat Ford, “These kinds of prudent financial strategies ensure that we will have the resources necessary to meet the infrastructure needs of our growing region.”
JTA Board Chair Debbie Buckland added: “Congratulations to the JTA team on this successful refunding. This is another example of the JTA striving to effectively manage these tax dollars for the betterment of the entire community.”
“Along with our financial partners, the JTA had been monitoring the debt markets for months waiting for the opportune time to refinance,” said JTA SVP/Chief Financial Officer Raj Srinath.
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About the Jacksonville Transportation Authority (JTA)
The Jacksonville Transportation Authority (JTA) is an independent state agency serving Jacksonville, Florida, and Northeast Florida with multi-modal responsibilities. The JTA provides varied mass public transit services and builds roads, bridges, and other infrastructure to enhance mobility in Jacksonville. Public transportation services include BRT and regular bus service, paratransit, the St. Johns River Ferry, Skyway APM, and other mobility and on-demand services in Duval, Clay, Nassau, and St. Johns counties. To learn more, visit www.jtafla.com.
Media contacts
For media enquiries, please contact:
Lynn Opperman
AVP – Marketing, Communication, and Customer Experience
Jacksonville Transportation Authority
lopperman@jtafla.com
904-676-7225