Worse, the bonds moncler saldi outlet would take future

A better way to pay for ICC

piumini moncler saldi January 06, 2004By Peter Samuel piumini moncler saldi

piumini moncler GOV. ROBERT L. Ehrlich Jr. is right to be moving forward vigorously on construction of the Intercounty Connector. He campaigned for the road and was elected, in part, on the promise to build it. piumini moncler

moncler outlet It is a good project. It will enhance the economy and quality of life of Central Maryland, and it moncler donna has overwhelming public support, as a recent poll shows. moncler outlet

piumini moncler scontatissimi Unfortunately, his administration’s idea of how to pay for the $1.7 billion road is quite wrong. As reported in The Sun Dec. 11, the Ehrlich team has floated the idea of issuing hundreds of millions of dollars in “grant anticipation revenue vehicle,” or GARVEE, bonds to finance the ICC. piumini moncler scontatissimi

piumini moncler uomo Warren G. Deschenaux, director of the state’s Office of Policy Analysis, is right in his claim that using the bonds would add greatly moncler outlet online uomo to the project’s cost perhaps $100 million. Worse, the bonds moncler saldi outlet would take future federal transportation grant money away moncleroutlet-i from other road and transit projects and direct it moncler outlet serravalle toward payment of the ICC’s debt. piumini moncler uomo

moncler bambino saldi New Jersey used GARVEE bonds to finance transportation infrastructure several years ago, with disastrous results. The state is now within 18 months of exhausting its entire transportation trust fund because that piumini moncler money has been redirected toward paying off rotten GARVEE bonds. That would leave not a cent for the purposes moncler saldi uomo for which the trust fund was created building and maintaining roads and transit. An expert panel has reported to the state’s governor that a 12.5 cent increase in the state gasoline tax is needed to shore piumini moncler scontatissimi up the trust fund. Maryland surely does not want moncler saldi to go down that path. moncler bambino saldi

moncler saldi outlet Indeed, it’s possible that the state would not need to borrow to finance the ICC. In many places around the world, governments are turning to investors to bear the risks for major road projects; the investors are compensated through tolls. moncler saldi outlet

moncler outlet trebaseleghe Last month, a 27 mile toll road called M6 Toll was opened in Birmingham, England. The road cost $1.3 billion all of which was privately financed. In San Diego, State Route 125 South moncler outlet a 10 mile toll road costing $635 million is under construction. It is being built with some federal loan money, but the financing is basically from investors who have a 35 year toll piumini moncler uomo franchise. moncler outlet trebaseleghe

moncler saldi In Australia, virtually all of the major new urban roads are privately financed toll roads. Toronto’s new high tech toll road is a private franchise that replaces cash tollbooths with highway speed electronic toll collection. In France, Italy, Spain, Germany, Ireland, Greece and several East European countries, investors are financing roads. Korea, Malaysia, the Philippines, India, Pakistan and even China are tapping private capital markets for toll roads. moncler saldi

moncler outlet online uomo In the United States, Minnesota, Colorado, the Carolinas, Texas, Arkansas and Missouri are all inviting investors to finance major new road projects. Virginia has the privately financed Dulles Greenway and is considering about six other private projects including one for the Capital Beltway and one for reconstructing Interstate 81 along the length of the state. moncler outlet online uomo

moncler saldi uomo Maryland does not need to put its taxpayers in hock and moncler outlet online shop foreclose future gas tax monies to build the ICC. Instead, the state should commission a thorough traffic and revenue study piumini moncler saldi to determine the potential of toll revenue financing. moncler saldi uomo

moncler outlet serravalle And the state should invite competitive private sector proposals moncler outlet trebaseleghe for financing the road so that the Assembly and the public can see what their options are. Motorists are prepared to pay for a good highway, especially now that bothersome toll plazas are no longer needed because of E Z Pass style transponders and cameras reading license plates. moncler outlet serravalle

moncler donna The revenue study may find that some government support is moncler uomo needed. Perhaps state moncler bambino saldi and federal outlet moncler funding will be required to cover the costs of piumini moncler outlet route selection and environmental permitting and work to mitigate moncler bambino saldi the impact on the environment. The state might pay for some of the interchange work with connecting state highways. moncler donna

moncler outlet online shop But it should be moncler bambino outlet possible to have the bulk of the ICC’s costs borne by investors based on the prospective toll revenue stream instead of putting all of the highway’s expense on the back of taxpayers moncler outlet online shop.

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