“But to keep those things in place, it takes a considerable amount. “Our customers expect a higher level of safety, quality and rideability because they pay a premium,” Placey said. Advocates to raise awareness Saturday for 311, a reporting tool for cyclists and pedestrians alike.In major move for Pittsburgh's affordable housing world, 14 AHRCO properties sold.Norfolk Southern supports some new regs after Ohio disaster.Placey said the turnpike also saw toll revenue shrink during the pandemic, when nearly 60% fewer drivers were using the roadway.Īltogether, that means toll increases are likely to happen each year for the foreseeable future. It’s now only required to send $50 million per year. At one point, the agency was forwarding more than $500 million each year from its coffers to the state’s Motor License Fund. On top of the bond debt payments, the Turnpike Commission is also still responsible for some state Department of Transportation costs. “It’s costly to borrow and it takes a long time to pay it back, we did it in this measured way so we could continue to fund our capital projects,” she added. Placey said debt payments could be as high as $600 million per year until 2030. The agency estimates it will have to pay back around $7.3 billion in bonds over the next few decades, plus interest. “The vast majority of this we had to borrow, and we did this through the issuance of bond debt.” “Over the course of the last 15 years, we’ve transferred almost $8 billion in funding to PennDOT,” Placey said. Some of those payments have been made using toll money, but Turnpike Commission spokesperson Rosanne Placey said government bond investors have loaned the agency the lion’s share of the money.
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