A credit to the state
The Connector 2000 Association made its case to the Greenville County Legislative Delegation Monday night about restructuring the Southern Connector's bonds.
While the legislators didn't take any action, a case to allow the board, the Department of Transportation and bond holders, appeared to have made some headway. The state Senate needs to pass an amendment that will allow for this to happen, if not the status quo will be maintained.
Richard Few, the Association's chairman, made some great points about why the bonds needs to be restructured including it essentially will allow the state to get paid for maintenance work, it will pay back the bonds that the business community rallied behind more than a decade ago and this is a public road that has help facilitate more than $400 million worth of new roads in the Upstate.
"This will be a credit to the state," Few said.
As part of the push, the entire Connector 2000 board attended the meeting to show the legislators the severity of the situation. Basically, the 16-mile toll road has never met the traffic projections submitted when the highway was passed by the state in the 1990s. The Association had nothing to do with that traffic study, but has been the group tasked with finding a solution.
It has been a busy week as the Greenville News also opined on the situation.
The restructuring will not add any taxes to the state nor will taxpayers have to pay anything. This is simply to give more time for the bonds to be repaid, which in the end helps the state.
While the legislators didn't take any action, a case to allow the board, the Department of Transportation and bond holders, appeared to have made some headway. The state Senate needs to pass an amendment that will allow for this to happen, if not the status quo will be maintained.
Richard Few, the Association's chairman, made some great points about why the bonds needs to be restructured including it essentially will allow the state to get paid for maintenance work, it will pay back the bonds that the business community rallied behind more than a decade ago and this is a public road that has help facilitate more than $400 million worth of new roads in the Upstate.
"This will be a credit to the state," Few said.
As part of the push, the entire Connector 2000 board attended the meeting to show the legislators the severity of the situation. Basically, the 16-mile toll road has never met the traffic projections submitted when the highway was passed by the state in the 1990s. The Association had nothing to do with that traffic study, but has been the group tasked with finding a solution.
It has been a busy week as the Greenville News also opined on the situation.
The restructuring will not add any taxes to the state nor will taxpayers have to pay anything. This is simply to give more time for the bonds to be repaid, which in the end helps the state.
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