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honorehle John uxes-er, mix-non
Floride Btete mm Authority
1', Florian
beer Sir:
This letter is written in connection with the pro-
posed bond finencing by the noride 8tete 'hu-npike Authority of en exteneion
oi the Sunshine Stste Perkwny from its present terninus in the vicinity of
Fort Pierce to e point in the vicinity of wildwood. This Depertnent, in
' 1957.. acting under the direction or the prior edninistretion, edopted e
policy end en extensive progre- with respect to the routes end dstes or
completion or certein portions of the Interstete eyeten in Floride. This
procren hes been initieted end the Depertncnt now reerfirzss its intention
to follow the policy end progren in the shove regerd es previously deternined,
subject to the terns or this letter. The Depertnent else stetee in this
' letter ite policy end progre- with respect to the construction of certein
other portions of the Interstete systen and other highways within the Stete'
of 71011.
ifth this letter states the policy end prop-on of
the Depertnent, it cannot constitute e lean; contrect between the Depertnent
end the Authority with respect to the nnttere set forth herein. An pointed
ont by the Florian supreme Court in its decieion on November 2, 1961, velth-
im the Authority's propoeed bond issue to fiance the Hudwood exteneion,
the State cennot lewmlly contract eway its power to construct highway: "in
m locetion that ehell he donned to he in the interest 01' the generel welfare
whether in the corridor of the hmzpihe Project or not. however, the Dcpert-
nent fully recogniree that the construction end operation or the Parkway, in-
cluding the eforeeeid extension, end the continued tinencinl security end
sound credit of the Authority ere in the interest end for the benefit or the
people of the Stete of nor-ion. It recognizee that the Authority's finenciel
'security requires thet its revenues shell bu sufficiently in excess of its
requirenents tor operetina end nintenence expenses (includim reeerveehnd
tor the pnynent of the interest at end enortiution 0: its hoods so es to
preserve e fmrehle credit reties for the Authority's bonds, to nintein en
edequete hose for the Mm tinencinc by the Authority or other neceesery
projects, endtoprovidee-rsinor setetyeceinsterrore intrei'rie, meme:
endexpenueetinnuendeaeinstihtuneontinaenoieemiohnitednredy
effect ite opentione.
Hon. John M Ben-er
Peso 2
leather 7, 1961
1. ~The Department has scheduled Interstete Route 75
from the Florian-Georgi.- line in the vicinity of Jennings to Hildvood to be
.ompletedhyJenusx-yl, 196k. Veerpecteuehhiuweytobeoupletedtothe
rupees-endogentotnie duringl96h.
2. mwmwmmunomt
betveenoutema.923estofnsytme3eech,vis0rluotohlpetobeoon-
pletedhyJenmz-yl, 190a. mmmsmvumuW-mmu
trefficesscheduled.
3. The Golden Glsdes Intel-cheese, which is the
southern terninus of the existing W, hes been scheduled for reconstruction.
9e believe thet the recantruotion of this interchange will be coupleted in
sccordsnce vith the pleas and specificetions Wd by the Authority end
will he;open to trsffie hy Jenni-y 1, 196.
3. 'me Doped-taut hes scheduled the eonstrmtion
ofcertein upentsofthsnsdecomtympreeswsystasouthoftheaolden
Glsdes Interchange (the sepnt of Interstete Route 95 south to 36th Street
' end the 35th Street senent of this Route to Kieni Beech) to be coupleted hy
Jenmry l, 1965. we expect that such cements will be eupleted end open to
treffic by thet dete.
5. The Depertnent considers the existing Perkuy's
Stete Route 607 feeder reed which hy-paeses Fort Pierce to be entirely adequate
to enfer curry treffio in the foreseeehle future. The Duper-meat does not plea
priortotheendoflztoinpmeBteteRoutthortoconstmtsnyfeeder
reed frue the Junction of Interstete Route 95, Interstate Route h and acute
U. 8. 929est ofbeytoneheeehsoutheestuerdlyto connect vithRoute U. 8. l.
6. The Depertnent hes scheduled for coupletion by
January 1, 1965 (i) the construction of the section of Interstate Route 95
between the Perkmy'e southern terlinus the Golden Glades Intenhenge, end
Stete Route 8" in Yort Leuderdsle, and (ii) the improvent of Route U. 8. 1.
between Deytons. Beech end Vem Beech u e four-lane highway which will be
duelixedexoept for shorturben sectionsinsfevtovnsendvillnothe-de
lilited ecoees.
.7. The Department is committed to the policy of
index-taking the construction of Interstete Route 95, if such construction or
impmmnt is needed to promote sefety, to handle the trufe end to evoid
congestion, end on e construction schedule, es hereinefter provided, thet will
not Jeoyu'diu the finsnciel security of the orid: Btete Turnpike Authority.
we under-tend that the Authority's Traffic Engineers
hm exwessed their opinionthet the construction of thst portion of Interstete
Mammsuumatmmmmmmmaomhu
Mansehnetoll-neeroedeenbeerpeetedtoheveenterielnednree
Hon. John K. Han-er
Page 3
Hovenher T, 1961
effect on Parkvay tru <'ic and toll revenues. You have advised us that in the
opinion of the Authority such an adverse effect, under certain conditions,
could. Jeopardize the financial security of the Authority :and could impair ita
ability to- finance the aforesaid extension or an further projects. The De-
partment anticipatea that the value of traffic in the State of Florida will
increase to ajpoint where both the Parkway and the above mentioned portion of
Interstate Route 95 between Fort Lauderdale and West Palm Beahc will he needed
to handle the traffic and avoid congestion. However, the Department'a policy
with reapect to such portion of Interstate Route 95 is as follow:
To defer at least until 1967 am decision to
construct any neglect of each portion of Interstate 95, and won
making any such deciaion, immediately to notin the Authority
thereof. It is understood that the Authority will thereupon
direct ita Traffic and Consulting Engineers to review, at the
Authority'a expense, the effect on ita operationa of the pro-
poaed construction of such portion of Interatate Route 95.
It is understood that auch engineers will submit to the De-
part-cut and to the Authority their reports estimating for each
year during the life of the Authority'a bonds the traffic revenuea
and expenses (including appropriate provision for operating and
.naintainenance and replacement reserves) of the Authority applicable
to the Parkway, after giving effect to the completion of such con-
struction and to any other factors which in the opinion of such
engineera should be taken into account. It is the policy of
the Department to commence constructor: of such portion of Inter-
atate Route 95 no that it will be open to traffic not earlier
than the end of 1972, but to connence such construction om if
the Authority can conply with the earning- tests which are a con-
dition to ita agremnt or consent thereto under the 'lruat Inden-
ture of the Authority dated as of October 1, 1961, securing ita
proposedbonda, andinanycaae not toopenameagaent ofauch
portion to traffic prior to the and of 1972.
Por the purpoaea of thin Paragraph 7, the ten "Park-
va) includes the present Parkway from the vicinity of Miami to the vicinity of
Fort Pierce, the aforesaid extension to the vicinity of Vildvood, and an additional
extenaiona thereof, and the tern bond or "henna" rei'era to the Authority'a honda
iuuedto financethe coat oftheParkvayandanyhonde iaauedtorefundthe
Authority preaently outetanding bonds. .
' 8. with respect to that portion of Intaratata Route
95. north of Fort Pierce, the Department stated ita objective in a letter dated
Weather 5, 1961, to the-Mean of Public Roads, aa follows:
With particular reference to 1-95 it it our intention
mt onlyto duplete this highway, but to oohedula ita
construction well in advance of In previous planning
M 8m. mar-em."
.8011. John u. Eel-er.
Pegs k
Xovenher 7, 1961.
The Department has scheduled the construction of thet
portion of Interstete Route 95 proposed to be constructed between Fort Pierce
end Daytonn Beach to he conpleted et the end of 1972, with no port of the 20-
nile sepcnt extending northward from Fort Pierce and the 20-min segsent ex-
tending mnthverd from Deytone Beach to be opened to traffic prior to such tine.
m Depertnent will construct end open to traffic certein other sepents or this
portion of'Interstete Route 95 prior to such time, but this construction is
expected to be generally in the nature of reletively short non-connected seg-
ments, and prior to the end of 1972 there vill not be sufficient capleted
nileege to improve mterielly the driving time or convenience between Fort
Pierce end Deytone Beech. We .mdcrstend thet the Authority's Trei'fic and
Consulting engineers, in eetinstim treffic,revenues and expenses in connection
with its proposed bond issue for the eforeseid extension, here relied upon this
time schedule. We believe that this is e proper end rumble essulsption end '
the Depertnent hes so plens to eccelerete this schedule.
9. SubJect to the foregoing provisions of this letter,
we effirn the policy of the Stete Road Department to construct end improve ell
roads in the Stete of Florian which will materially reduce the driving time or
better the driving convenience for through traffic, accept when the construction
of any competing highway, or the materiel inprovment of w existing highway
perelleling any portion of the existing parkway or of the ei'oressid tension, in
the some traffic corridor, would reduce the driving tine or improve the convene
ienoe to such en extent thet thrmuh traffic which might otherwise use the perm
or the eforeseid extension would he substanth diverted therefrcn. The Deput-
nent's emineering steff expects the traffic on the present Perm end the efore-
seid extension to exceed the volumes estimated by the Authority's Treffic Engineers.
You are euthorized to use this letter in the Offieiel
Btetelent'of the Authority releting to its prOposed is Turnpike Revenue
Duds, Series of 1961, for the eforeseid extension.
' Sincerely
M
ohn Philli s
w m
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ShQel hhr 777'nt <7 p51, on iacigb heFoi 2:.Ty 0wun'soca Knis slepa:': the prior adiainistratton, ado .h respet to the routes arA da .he Interstate systent in Florld. Depe.rtment .ov reaffir:Es l'.s i I the abovr: reerd as previous": '. The Departrueni. also states rerpect to the car.struction 01" 'r.tom nna cither hir.himrn elthin Irhether in the corridor of the Turnpike Pro 'ect. or ao".'' .However, tbc Departc.erit fully recogni zes tha-. the co.st ruerdon and operior. of the l'arksray, incitiding the ai"oreainid extension a-4 the courd nue2, firatacia. security ar3 cound credit of the Author11.y are in the interen and for the be.efit of the people of tbe State of Florida. a recocMzes t'r.cst the Au-.nority' s fis-.ncial accurity requires 1.bat its reventtus :iha~.1 b-. n.fficiently in excess of i".s requirements for operating and reintenance exper...es ( igieluding reserves)sad for the payment of the interest on and a:.orti M10G of 11 a l'ondo no us to preserire a favorable credit rating for the Authority' s bonds to c;aittiatii na edequate base for the future financing by the Authority of other necessary projects, and to provide a Diargin of 06fety against errors in traffic, revenue and expense estimates and against l'uture contizigencies which mi6ht advgsely affect its o31erations.
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..... .nMEme
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ereto Prm re oad olrvP us ouhv dvydu t h lth 95 -~io z oteAtoit uha dvreef ,,--. une eti odto
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portion ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ..... I..rtt ot 5prpsdt ecntute ewe otPe
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