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Investor relations

TxDOT's debt programs are an important source of funds that support providing safe and reliable transportation solutions for the citizens of Texas. The investor relations webpage is designed to promote transparency and provide useful information to investors and analysts.

TxDOT's Project Finance, Debt and Strategic Contracts Division is responsible for managing the department's debt and financing programs effectively and efficiently to minimize borrowing costs that are supported by taxpayers.

The issuance of debt is performed in a manner that serves the public interest, complies with state and federal tax and securities laws, is within the guidelines of adopted TxDOT policies, and ensures that timely repayment of debt service can be accomplished in a fiscally appropriate manner.

Project Finance, Debt and Strategic Contracts Division
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125 E. 11th St.
Austin, TX 78701-2483

TxDOT Primary Bond Programs

Highway Improvement General Obligation (HIGO) Bonds

On Nov. 6, 2007, Texas voters approved a constitutional provision authorizing the Texas Transportation Commission to issue general obligation bonds of the State of Texas in an aggregate principal amount not to exceed $5 billion to fund transportation improvement projects. The general obligation bonds include the Highway Improvement General Obligation, or "HIGO Bonds," also known as the Proposition 12, or "Prop 12 Bonds."

Latest HIGO Bond Series Issuance

Series CUSIP Base No. Fitch Kroll Moody's S&P Official Statement
2024 882830 AAA AAA Aaa Not Rated Official Statement

State Highway Fund Revenue Bonds

On Sept. 13, 2003, Texas voters approved a constitutional amendment (Article III, Section 49-n) permitting the Texas Legislature to authorize the Texas Transportation Commission to issue bonds to fund state highway improvement projects payable from certain revenues deposited to the credit of the State Highway Fund (SHF) and held in the State Treasury.

The Legislature has authorized the Commission to issue up to $6 billion aggregate principal amount, of which $1.2 billion must be designated for safety projects. The maximum maturity for bonds in this program is 20 years.

Latest SHF Bond Issuance

Series CUSIP base No. Fitch Moody's S&P Official statement
2024 88283L Not rated Aaa AAA Official statement

Texas Mobility Fund Bonds

Voters authorized the creation of the Texas Mobility Fund (TMF) in 2001, establishing it within the treasury of the State of Texas, and authorizing the Texas Transportation Commission to administer it. As authorized by the voters, the Texas Legislature established the TMF to provide a method of financing the construction, reconstruction, acquisition, and expansion of state highways, including the costs of any necessary design and costs of acquisition of rights-of-way.

The TMF may also be used to provide participation by TxDOT in the payment of all or a portion of the costs of constructing and providing publicly-owned toll roads and other public transportation projects. Bonds and other obligations of the TMF issued to-date are secured by a first lien interest in certain revenues of the TMF, and they are also general obligations of the State secured by the full faith and credit of the State.

Therefore, should the revenue and money dedicated to and on deposit in the TMF be insufficient to make payments due on TMF bonds and other obligations, there is appropriated from the State Treasury an amount that is sufficient to make payments due on such bonds and other obligations. The maximum maturity for bonds in this program is 30 years.

Latest Texas Mobility Fund Bond Issuance

Series CUSIP base No. Fitch Kroll Moody's S&P Official statement
2020 882830 AAA AAA Aaa Not Rated Official statement

TxDOT Toll Revenue Bonds

Central Texas Turnpike System Revenue Bonds

The Central Texas Turnpike System (CTTS) brings congestion relief to I-35 and surrounding arterial roads in Travis and Williamson Counties, as well as the Central Texas region. The CTTS also improves mobility and safety by providing more transportation options for commuters, businesses and motorists.


The CTTS currently consists of the following four elements:

  • SH 130 Element: Segments 1 through 4 of State Highway 130 (SH 130), from Interstate Highway 35 (IH 35) to United States Highway 183 (US 183). This element is 49.0 miles long extending from IH 35 near State Highway 195, north of Georgetown, Texas, southward to US 183, southeast of Austin, and provides an eastern alternative to IH 35.
  • SH 45N Element: State Highway 45 North. This element is 12.8 miles long extending from US 183 on the west to SH 130 on the east and provides an east-west roadway for the Austin metropolitan area.
  • Loop 1 Element: The north extension of Loop 1. This element is 4.0 miles long extending northward from the non-tolled portion of Loop 1 at Parmer Lane to the SH 45N Element and is a major north-south route of the CTTS.
  • SH 45SE Element: State Highway 45 Southeast. This element links IH 35 at FM 1327, north of the City of Buda, to the junction of SH 130 and US 183 near Mustang Ridge. The 7.0 mile long facility is a four-lane roadway with controlled access and a wide center median. SH 45SE was financed by the Texas Transportation Commission with cash on deposit in the State Highway Fund, and added to the CTTS by a minute order of the Commission adopted on Aug. 30, 2012, and effective on Sept. 1, 2012.

Latest CTTS Bond Issuance

Series CUSIP base No. Fitch Moody's S&P Official statement
2020-A, B, & C 88283K A A3 A Official statement

SH 249 System Revenue Bonds

The SH 249 System (the “System”) consists of Segment 1 that runs from FM 1774 in Pinehurst, Montgomery County, to FM 1774 near Todd Mission, Grimes County. The System opened in March 2021, is approximately 15 miles and provides a nonstop alternative to the rural roads in the area.

SH 249 improves overall mobility and accessibility within the tri-county area (Harris, Montgomery, and Grimes counties) by linking growing suburban communities with major roadways and addressing:

  • Inefficient connections between suburban communities and major and minor roadways.
  • Increasing demand from population and economic growth in the area.
  • Growing safety concerns from increased congestion and emergency evacuation, such as hurricane evacuation.

Latest SH 249 System Bond Issuance

Series CUSIP base No. Fitch Moody's S&P Official statement
2019-A & B 88283NA & 88283NB Not rated Baa3 Not rated Official statement


The Official Statements listed on this page are marked with a Dated Date and speaks only as of that Dated Date. Except as otherwise disclosed in any Official Statement or other document, the Commission expressly disclaims any duty to update any document (or any portion of any document) contained on this page. The information and documents on this page are provided for informational purposes only, and must not be considered to be an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

TxDOT has entered into a Toll Equity Loan Agreement (TELA) with the Grand Parkway Transportation Corporation (GPTC).

Reports and policies