I have a better idea that I'm sure you will agree with.
Lets have a statewide referendum with 4 transportation packages and the voters will decide which one they want.
The first package would be the TTC as it is.
The second would be revert to pay as you go and raise the gas tax and collect enough money to eventually build the TTC.
The third would be for the state to sell bonds to raise the money to build the roads and have a board/agency oversee everthing. The money to pay off the bonds would be collected by charging a toll on the road.
The fourth would be for the state to sell bonds to raise the money and then build and manage it just like any other road. The money to pay off the bonds would be raised by increasing the gas tax.
If you think that there are others options worthy of the voter's consideration, feel free to add them to the referendum.