SANDAG edges closer to selling bonds By Steve Schmidt San Diego Union-Tribune February 16, 2008 SAN DIEGO – Buoyed by its recent upgrading on Wall Street, the San Diego Association of Governments yesterday moved toward selling $600 million in bonds to pay for highway and transit improvements. The SANDAG transportation committee voted to recommend that the agency board issue the bonds to jump-start several projects, including the expansion of car pool and express bus lanes on Interstate 5 and upgrading the San Diego Trolley. The bonds would be repaid through TransNet, a half-cent sales tax approved by local voters to pay for transportation improvements. “Without the $600 million, we would not be able to keep these . . . projects on schedule,” said Muggs Stoll, SANDAG's TransNet program manager. Standard & Poor's and Moody's recently upgraded SANDAG's credit rating, positioning it to issue bonds carrying interest rates as low as 1 percent. Construction has started on at least two of the projects, including the extension of high-occupancy-vehicle lanes on Interstate 15 in North County. The first phase of the extension, between Centre City Parkway and state Route 56, is expected to be completed by the end of the year. Other projects include rail and station improvements for the trolley's Blue and Orange lines and the extension of state Route 52 through Santee. SANDAG's board of directors is set to vote on the bond issue Friday. The agency oversees long-range planning in the region. Steve Schmidt: (619) 293-1380; steve.schmidt@uniontrib.com Copyright 1999-2008, California Coastal Coalition Phone: (760) 944-3564