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:
“The bond between a man and his profession is similar to that which ties him to his country; it is just as complex, often ambivalent, and in general it is understood completely only when it is broken: by exile or emigration in the case of one’s country, by retirement in the case of a trade or profession.”
—Primo Levi (1919–1987)
“Whoever grows angry amid troubles applies a drug worse than the disease and is a physician unskilled about misfortunes.”
—Sophocles (497–406/5 B.C.)