UF00083631_00068.pdf

UF00083631_00068.txt

UF00083631_00068_pdf.txt

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COVERDALE 8n COLPITTS

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August 25, 1962



Mr. John I. honor, him
Florida 8tste Turnpike Authority
226 South mm

ap. 6, norms

Re: Interstste Route 95; section 1.2 .11
north or SR 8", in M Countylorids

DeIrSir:

we hsve reviewed the numerous copies of correspondence rel-ting to
the shove subject which you sent us with your letter of August 15th. The
lost psrsgrnph or the August 115th letter tron the mire-n of the Turnpike
Authority to the Chsirmn of the Stnte Bond Deportaent is quoted below.

"lotwithstsnding the foregoing, I on confident thst the
Turnpike Authority would take no exception to the 8tste
Rood Department proceeding with the prepnrstion of plane
and scquisition of property for this project. I ssh tint
you sgnin cutter with us prior to nctusln placing this
work under contract and you should consider this in no
sense 1 relense to proceed with sctusl construction.

It is our opinion thst the foregoing is s good cleer sury or the only
answer which the Mpike Authority appropriately con gin st the present
tin.

The existing Turnpike end the lorthern Extension to Vildwood
(hodect no. 2) ore now covered by 1 single Trust lndenture dsted October 1,
1961. lhder this true: Indenture (see June 6th letter from swkins, nemield
& Hood to the Turnpike Authority) the Authority has agreed um u. will give
its consent to the subject 1-95 construction only otter neeting specified
earnings tests. (See Sections 7.16 and 2.05 of Trust Indenture.) me such
test is defined in terns of the egg-ante comings of the 'Nrnpike tron Golden
(nodes to the northern temnus or ProJect lo. 2 near Vildwood. linitestly,
the Mike Authority will not know whether or not it is nee-ting such sn
earnings test until after the northern Extension of the turnpike hss been open
for n period of several months or perhaps s full you.

MALI a Gowns 2 -

If the combined Turnpike ProJects show the earnings test being met
with assurance"during 196%, the Turnpike Authority night he then in a petition
15 31"}: itrcmim'meW-EWMIWFWW
W gramme 12th"ei'"eet"in Port ladderdali form
ITVIEVI965'the"caihinE&"Triplke Projects were failing to net'fsgggggggggg;
W}th3mpii"lutorlt§ Vo'uldk'i'ind 'Itse' "tEEYIYRed' 7 a ne
'tBIcreii t611iat3s: in this event, obviouili the Authority could ESE consent
'fti construction of this short competitive section of I995 eveat55§§§f§§§ '

vestiiated loss of toll_§evenue night he as snail as $25,0Q9'per annun._



From the correspondence which you sent to us, it appears that the
State Road Department does not understand the Turnpike Authority's position
in respect of the above discussed earnings test. we invite attention to
numbered point (3) in the SRD letter dated July 21m: to the Chaim of the
Thrnpike Authority which states in part ".. we do not believe that your
consideration should be influenced by relating it to the time of completion
of Turnpike ProJect no. 2. The two preceding paragraphs show that this
contention is not correct. we trust that this letter will help you clarify
this situation.

Consulting ears






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