mountain alinement, and so was expected to be especially attractive to truck traffic, the estimates anticipating that commercial vehicles would account for 40 percent of the total traffic.
Among the toll roads not yet in full operation are two that deserve special mention: the New York Thruway, and the Garden State Parkway in New Jersey. Both were financed in their early stages by bonds backed by the faith and credit of the respective States. Subsequently, additional funds were obtained in each case through the sale of revenue bonds.
Garden State Parkway
The Garden State Parkway, running 165 miles, generally along the New Jersey coast, from Patterson at the north to Cape May at the south, was begun in 1945. By 1951, only 22 miles had been completed through the use of current revenues. It became apparent that credit financing would be required to complete the route in a reasonable time, and in 1952 the New Jersey Legislature established an authority within the State highway department to construct and operate the parkway. The voters subsequently authorized the issuance of $285 million in bonds, backed by the faith and credit of the State. This issue was sold in 2 installments, $150 million at a net interest cost of 2.997 percent and $135 million at a net interest cost of 2.77 percent. Subsequently, the legislature gave authority to sell bonds backed only by the revenues of the parkway. In November 1954, $20 million of such bonds were sold at a net interest cost of 3.24 percent to provide for the extension and widening of certain sections.
Automobiles and buses may use the entire length, but trucks are prohibited from using approximately the northern two-fifths. For this reason, part of the parkway is shown in table 2 and part in table 3.
An unusual feature of this toll road is the manner of collecting tolls. Most arterial toll roads are of the “closed” type. A driver receives a card as he enters and surrenders it when leaving, and the toll paid is based on the distance traveled on the turnpike. On the Garden State Parkway, tolls of a fixed amount are collected at each of a series of toll gates, or “barriers,” through which all traffic passes. Thus drivers who both enter and leave the parkway at interchanges between adjacent barriers pay no toll. Drivers passing a barrier pay the fixed fee regardless of where they enter, and drivers traversing a considerable length of the parkway pay tolls at each of a series of barriers.
New York Thruway
The New York Thruway developed as a toll road after experience much like that of the Garden State Parkway. Started as a free expressway, intended eventually to connect Buffalo and New York City, slow progress soon showed that it could not be completed in reasonable time without credit financing. In 1950 the Thruway Authority was created by the New York Legislature and, in an election in November 1951, approval of an issuance of $500 million in bonds backed by the faith and credit of the State was obtained. Subsequently, the legislature authorized the issuance of additional bonds, backed by revenues only, in the amount of $350 million.
