FDOT WON’T HAVE TO PAY FOR LOST TOLLS

A circuit judge has ruled that the Florida Department of Transportation cannot be forced to pay for lost toll revenues on the Garcon Point Bridge. The ruling did not concern the suspending of tolls by the State because of the closure of the Three Mile Bridge from the damage it sustained during Hurricane Sally. The Bridge has never produced enough money from tolls to pay off the bonds that financed its construction. Attorneys for UMB Bank, which is the trustee for bondholders, said the Department of Transportation failed to properly raise tolls earlier to meet financial obligations. But in an October motion on the damages issue, FDOT lawyers argued that bond documents made clear that bondholders would be repaid through toll revenues – not other department money. UMB Bank said in the lawsuit that bondholders were owed over 135 million dollars. Tolls have been raised to $5 – each way – for motorists who pay cash.