As settlement expanded and the large Eastern centers sought improved trade routes, pressure for road improvement brought forth a radical alternative: turnpikes, a pay-as-you-go means of financing.
In most cases turnpikes were individually regulated, but on the major points all the states imposed similar regulations.
Second, turnpikes could not have much enhanced returns by increasing toll rates because of the many concessions to local travelers.
The first piece of our public-goods story is the nearly universal and well-documented poverty of the turnpikes.(14) Of the Middle Atlantic states, Durrenberger [1931, 112] says, "[considered] from the standpoint of dividends, turnpike stocks were exceedingly poor investments," and of the many turnpikes of New England, Taylor [1934, 266] says, "it is doubtful whether more than five or six paid their proprietors even reasonably well." Though information from the period is fragmentary, Taylor [1934, 281] finds that turnpike dividends in New England were far below those of other enterprises:
Turnpikes usually reverted to public control through abandonment.
If we wish to show that the turnpikes were public goods and that stock subscription was, in essence, a voluntary contribution, it is incumbent to show not only that turnpike stock was a bad investment but also that investors expected as much.
The Turnpike is in good repair, with a manageable $439 million capital and major maintenance program from fiscal 2019-2028.
Ohio Turnpike (OTIC, AA senior/A+ subordinate/Stable) and Oklahoma Turnpike Authority (OTA, AA-/Stable) are among WVPA's peers.
Off-turnpike projects are located within the 10-county area adjacent to the turnpike and are deemed complementary to the turnpike.
1, 2019, toll rates will double on the Turnpike, except for drivers of non-commercial Toll Class 1 passenger cars who sign up for the new flat fee program.
The program has multiple funding sources including state general obligation bonds, GARVEE notes, and Turnpike toll revenue bonds.
The turnpike's strong financial metrics combined with its traffic profile support a 'AA-' rating.