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As I understand it, when the Turnpike Authority was set up as an independent quasi-government agency, its charter provided that once it paid back all its bonds, the authority would be dissolved and control of its roads would go back to the Commonwealth. To prevent this from happening, the Authority keeps issuing more and more bonds for more expensive construction contracts. Since the legislature can't prevent the Authority from setting tolls as high as they want, investors are happy to keep buying those bonds. -- "If John Kerry was the last best hope for the Republic ... then maybe it wasn't worth saving in the first place. I don't believe that, though. And neither do you." --Dan Layman-Kennedy // seth gordon // sethg at ropine.com // http://dynamic.ropine.com/yo/ //
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