The Southern Connector toll road – a monument to state government’s short-sightedness when it comes to doling out public funds – is raising costs on motorists as it continues to struggle financially.
Beginning on January 2, 2012, the toll for current customers will rise from $1 to $1.35. Meanwhile the toll for non-customers will climb from $1.25 to $1.50.
A sixteen-mile, four-lane toll road south of Greenville, S.C., the “Connector” collected $3.9 million in toll revenue in 2009 but owned $13.1 million in annual bond interest – part of the whopping $200.1 million in tax-free bonds that were used to build the highway back in 1998.
“Like other highly-leveraged tolling efforts, the Connector was hampered by unrealistic traffic projections and rosy financial scenarios for an area expected to experience an economic boom,” the website Truth About Cars wrote recently.
And once again, South Carolinians who are already struggling to make ends meet are the ones being forced to pick up the tab for this short-sightedness.
“It’s a great day in South Carolina,” people.