Camino Colombia Toll Road A Reality; Project To Be Texas' First Privately Financed Toll Road.LAREDO, Texas--(BUSINESS WIRE)--May 28, 1999-- Carlos Y. Benavides III, president of Camino Colombia Inc., today announced the issuance to Granite Construction Company of a notice to proceed with the construction of the Camino Colombia Toll Road Project. The toll road will be a 22-mile corridor connecting the Colombia Solidarity Bridge in Laredo, Webb County, Texas Webb County is a county located in the U.S. state of Texas. In 2000, its population was 193,117. In 2006[1] its population had been estimated to have reached to 231,470. Its county seat is Laredo6. , to U.S. Highway 83 and Interstate Highway 35. The highway will be constructed to Texas Department of Transportation standards and will represent the latest in construction technology. Granite Construction expects to complete the project in approximately 17 months. The Colombia Solidarity Bridge is the largest and most well-equipped of the three international bridges spanning the Rio Grande in the Laredo metroplex. The Camino Colombia Toll Road, the first privately financed toll road in Texas, is designed to be a high-speed corridor to serve the ever increasing truck traffic generated by expanding NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's trade with Mexico. Laredo is the largest inland port in the United States. Mr. Benavides expressed appreciation for the assistance and cooperation of Texas Governor George W. Bush, the Texas Transportation Commission, the Texas Department of Transportation, as well as the many private sector supporters whose help was instrumental in completing the process. The Commission issued the necessary permits for the toll road. "This project is a concrete example of a win-win-win situation for the country, for Texas, and the border," said Dennis E. Nixon, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of International Bancshares Corporation (Nasdaq:IBOC See HD Radio. ) ("IBC IBC International Building Code IBC Iraq Body Count IBC Institutional Biosafety Committee IBC Inflammatory Breast Cancer IBC International Business Company IBC Independence Blue Cross IBC Insurance Bureau of Canada IBC International Broadcasting Convention "), Laredo, Texas. IBC provided development financing for the project, and is also providing continuing credit facilities. "Camino Colombia has promoted international cooperation and has worked to build strong private-public partnerships to improve the flow of goods between the U.S. & Mexico," Benavides said. The proposed toll road utilizes I-35, the "mother lode" of NAFTA highways, and will serve the proposed I-69 Interstate Highway. The multi-million dollar financing was arranged through Lehman Brothers in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , as a private placement, with New York Life Insurance Company The New York Life Insurance Company (NYLIC) is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world.[3] and John Hancock Mutual Life Insurance Company. Bear Stearns acted as financial advisor to Camino Colombia Inc., a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. whose majority ownership is Hispanic. IBC is a $4.9 billion multi-bank holding company headquartered in Laredo, Texas, with over 90 facilities serving 28 communities, including San Antonio, Houston, Corpus Christi, McAllen, Brownsville, Port Lavaca, Zapata and throughout the Rio Grande Valley and the Texas Gulf Coast. |
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