The largest toll road network in Orange County has sold $2.3 billion in bonds to refinance three toll roads. As a result of the bond issue, drivers will be required to pay tolls until 2053 instead of 2040. This comes at a time when fewer and fewer people use these roads and while the agency’s debt is increasing. The California state treasurer’s office released a study in July indicating that the toll road network could default on its bonds issued in 1999 if its debt wasn’t refinanced. Doing this would protect the agency’s credit rating and reduce the increase of toll fees.