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A toll revenue bond is a financial promissory note usually issued to generate funds for the construction and/or operation of a public accommodation such as an expressway, bridge, or tunnel. Funds for the repayment are obtained through revenue raised through collection of tolls from users as a fare for passage. An attraction for municipalities is that the bonds allow them to avoid legislated debt restrictions that may be encountered when issuing general obligation bonds.
Toll revenue bonds are more speculative than "general obligation" bonds, which are backed (or guaranteed) by tax revenues of a state or local government. Such bonds may be subject to default if toll revenues are insufficient to meet scheduled payments, although such defaults are rare. One example is the 23-mile long Chesapeake Bay Bridge-Tunnel (CBBT) in Virginia, one of the more ambitious such projects which was built in the mid-1960s. The facility was subject to increased construction costs due to weather, and disruption due to accidents caused by shipping traffic striking its bridges. The CBBT was in default of its toll revenue bonds for several years shortly after its completion, but these were repaid as traffic volume increased. Additional bridges were constructed later to reduce the likelihood of future disruption of revenue due to accidents.
See article List of toll roads for facilities financed by toll revenue bonds.
In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds. Bonds can be in mutual funds or can be in private investing where a person would give a loan to a company or the government.
A toll road, also known as a turnpike or tollway, is a public or private road for which a fee is assessed for passage. It is a form of road pricing typically implemented to help recoup the costs of road construction and maintenance.
The Lincoln Tunnel is an approximately 1.5-mile-long (2.4 km) tunnel under the Hudson River, connecting Weehawken, New Jersey, to the west with Midtown Manhattan in New York City to the east. It was designed by Ole Singstad and named after Abraham Lincoln. The tunnel consists of three vehicular tubes of varying lengths, with two traffic lanes in each tube. The center tube contains reversible lanes, while the northern and southern tubes exclusively carry westbound and eastbound traffic, respectively.
A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation. Typically, only investors in the highest tax brackets benefit from buying tax-exempt municipal bonds instead of taxable bonds. Taxable equivalent yield calculations are required to make fair comparisons between the two categories.
A toll bridge is a bridge where a monetary charge is required to pass over. Generally the private or public owner, builder and maintainer of the bridge uses the toll to recoup their investment, in much the same way as a toll road.
The Triborough Bridge and Tunnel Authority (TBTA), doing business as MTA Bridges and Tunnels, is an affiliate agency of the Metropolitan Transportation Authority that operates seven toll bridges and two tunnels in New York City. In terms of traffic volume, it is the largest bridge and tunnel toll agency in the United States, serving more than a million people each day and generating more than $1.9 billion in toll revenue annually as of 2017. As of 2018, its budget was $596 million, funded through taxes and fees.
The Chesapeake Bay Bridge–Tunnel (CBBT) is a 17.6-mile (28.3 km) bridge–tunnel crossing at the mouth of the Chesapeake Bay, the Hampton Roads harbor, and nearby mouths of the James and Elizabeth rivers in the U.S. state of Virginia. It connects Northampton County on the Delmarva Peninsula and Eastern Shore with Virginia Beach, Norfolk, Chesapeake, and Portsmouth on the western shore and south side/Tidewater, which are part of the Hampton Roads metropolitan area of eight close cities around the harbor's shores and peninsula. The bridge–tunnel originally combined 12 miles (19 km) of trestle, two one-mile-long (1.6 km) tunnels, four artificial islands, four high-level bridges, approximately two miles (3.2 km) of causeway, and 5.5 miles (8.9 km) of northeast and southwest approach roads crossing the Chesapeake Bay and preserving traffic on the Thimble Shoals and Chesapeake dredged shipping channels leading to the Atlantic. It replaced vehicle ferry services that operated from South Hampton Roads and from the Virginia Peninsula since the 1930s. Financed by toll revenue bonds, the bridge-tunnel was opened on April 15, 1964, and remains one of only 12 bridge–tunnel systems in the world, three of which are located in the water-dominated Hampton Roads area of Tidewater Virginia.
The Maryland Transportation Authority (MDTA) is an independent state agency responsible for financing, constructing, operating, and maintaining eight transportation facilities, currently consisting of two toll roads, two tunnels, and four bridges in Maryland. It also provides the Maryland Department of Transportation with financing for other revenue producing transportation projects.
The Richmond–Petersburg Turnpike was a toll road located in the Richmond-Petersburg region of central Virginia, United States.
State Route 895, also known as the Pocahontas Parkway and Pocahontas 895, is a primary state highway in the U.S. state of Virginia. It connects the junction of Interstate 95 and State Route 150 in Chesterfield County with Interstate 295 near Richmond International Airport in Henrico County, forming part of a southeastern bypass of Richmond. Due to a quirk in the evolution of the road, the long-planned designation of Interstate 895 could not be used.
The New York State Bridge Authority is a public benefit corporation in New York State, United States. The NYSBA was born out of the necessity to build a bridge over the Hudson River to link the city of Hudson and the village of Catskill. It owns, operates, and maintains five Hudson River bridge crossings in the Mid-Hudson River Valley of New York State. It also owns and maintains the Walkway Over the Hudson, but that structure is operated by the New York State Office of Parks, Recreation and Historic Preservation.
A revenue bond is a special type of municipal bond distinguished by its guarantee of repayment solely from revenues generated by a specified revenue-generating entity associated with the purpose of the bonds, rather than from a tax. Unlike general obligation bonds, only the revenues specified in the legal contract between the bond holder and bond issuer are required to be used for repayment of the principal and interest of the bonds; other revenues and the general credit of the issuing agency are not so encumbered. Because the pledge of security is not as great as that of general obligation bonds, revenue bonds may carry a slightly higher interest rate than G.O. bonds; however, they are usually considered the second-most secure type of municipal bonds.
The Mumbai–Pune Expressway is India's first 6-lane wide concrete, access-controlled tolled expressway. It spans a distance of 94.5 km connecting Mumbai, the capital of Maharashtra state and the financial capital of India, with Pune, the cultural and educational capital of Maharashtra. The expressway, which was fully operationalized in 2002, introduced new levels of speed and safety in automobile transportation to Indian roads. It is one of India's busiest roads.
The Sotra Bridge is a suspension bridge which crosses Knarreviksundet between Knarrevik in Øygarden Municipality and Drotningsvik on the mainland of Bergen Municipality in Vestland county, Norway. It carries two road lanes and two narrow pedestrian paths of National Road 555, providing a fixed link for the archipelago of Sotra. The bridge is 1,236 metres (4,055 ft) long, has a main span of 468 metres (1,535 ft) and a clearance of 50 metres (160 ft). In 2007, it had an average 25,494 vehicles per day.
The Little Creek-Cape Charles Ferry was a passenger ferry service operating across the mouth of the Chesapeake Bay from the 1930s until 1964. Known also as the Princess Anne-Kiptopeke Beach Ferry or Little Creek-Kiptopeke Beach Ferry, the service connected Virginia Beach, Virginia with Cape Charles on the Eastern Shore of Virginia. Departures from and arrivals to Cape Charles were matched with times of Pennsylvania Railroad passenger trains such as the Del-Mar-Va Express and the Cavalier that operated the length of the Delmarva Peninsula.
The Chesapeake Bay Bridge and Tunnel District is a political subdivision of the Commonwealth of Virginia. It is overseen by the Chesapeake Bay Bridge and Tunnel Commission, and operates the Chesapeake Bay Bridge-Tunnel between the Hampton Roads and Eastern Shore regions of the state. The District comprises six cities, Virginia Beach, Norfolk, Portsmouth, Chesapeake, Hampton, Newport News, and the two Eastern Shore counties of Northampton and Accomack.
Interstate 77 (I-77) in the U.S. state of West Virginia is a major north–south Interstate Highway. It extends for 187.21 miles (301.29 km) between Bluefield at the Virginia state line and Williamstown at the Ohio state line.
There are approximately 25 current toll roads in the state of Texas. Toll roads are more common in Texas than in many other U.S. states, since the relatively low revenues from the state's gasoline tax limits highway planners' means to fund the construction and operation of highways.
The 2007 Texas Constitutional Amendment Election took place 6 November 2007.
Infrastructure bond is a type of bond issued both by private corporations and by state-owned enterprises to finance the construction of an infrastructure facility These bonds may be nominated both in local and in more stable foreign currencies, such as U.S. dollars or euros. Infrastructure bonds are popular in developing economies where there is a strong demand for infrastructure.