Bond Troubles
At one point in the Turnpike's history, the Turnpike Commission was not able to pay off even the interest on its bonded indebtedness, and the first bond was not retired until 1982. When the original bond expired on December 1, 1989, the Turnpike Commission had difficulty determining how to refinance it.
Total revenues from 1954 through 1986 totaled $309.3 million, with interest of $170.7 million. In 1986, total annual revenues were $30.4 million. The Commission predicted that when Interstate 64 was completed from Beckley to Sam Black Church in 1988, 6,500 more vehicles would travel the Turnpike daily. In the previous 10 years, the Commission noted, traffic increased 100% and annual gross revenues increased from $11.4 million to $30.4 million.
The refinancing plan was ultimately completed about six months later, with a new debt approaching $50 million. Consequently, tolls were held at former rates, ranging from $3.75 to $12 per one-way through-trip.
Read more about this topic: West Virginia Turnpike
Famous quotes containing the words bond and/or troubles:
“Man’s characteristic privilege is that the bond he accepts is not physical but moral; that is, social. He is governed not by a material environment brutally imposed on him, but by a conscience superior to his own, the superiority of which he feels. Because the greater, better part of his existence transcends the body, he escapes the body’s yoke, but is subject to that of society.”
—Emile Durkheim (1858–1917)
“When a man laughs at his troubles he loses a good many friends. They never forgive the loss of their prerogative.”
—H.L. (Henry Lewis)