Project Financing and Implementation
| The Teodoro Moscoso Bridge was originally financed with $117 million in Special Facility Revenue Bonds issued by PRHTA in 1992. PRHTA then loaned the bond issue proceeds to APR, which agreed to repay the principal and interest on the bonds. In 2003, PRHTA issued $153.2 million in Special Facility Revenue Refunding Bonds to refinance the original debt, and the proceeds again were loaned to APR. The refunding bonds are primarily repayable from net toll revenues collected by APR. If net toll revenues and available reserves are insufficient to service the debt, PRHTA is required to assume APR's obligations to pay the bonds, exchanging them for bonds issued under PRHTA's existing resolution, if possible. In such an event, the concession agreement with APR would be terminated. | Teodoro Moscoso Bridge
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The concession agreement for the Bridge also provides that net toll revenues be shared between APR and PRHTA once APR achieves a target rate of return on its investment, with PRHTA's share of the excess revenues increasing at higher rates of return for APR are achieved.