Page:Progress and Feasibility of Toll Roads and Their Relation to the Federal Aid Program.pdf/14

10 operation under “normal” or average” conditions. It is in an area of about average traffic volumes. Other conditions, such as purposes of trips, amount of truck traffic, terrain, population density, and similar factors, that might be thought to influence the use of the earlier toll roads, are not unusual here.

The turnpike has not been in operation long enough to give conclusive evidence as to its financial prospects, but early results show that its net operating revenue is very close to that estimated by the consultants prior to its construction. In 1954, although operating costs exceeded the estimates, traffic volumes also were higher than predicted, and the net operating revenue was within 3.5 percent of the estimate for that year.

The first $31 million of bonds for the original section were sold at a net interest cost of 3.4 percent, and an additional $7 million were sold at a net interest cost of 3.84 percent. In December 1954 a syndicate agreed to purchase an issue of $68 million for extension of the original section from Tulsa to the State line near Joplin, Mo., at an interest rate of 3.81 percent. It declined, however, to bid on bonds to finance a proposed extension of the turnpike system across the State to the north and south through Oklahoma City on the basis that the bond market would not then absorb further turnpike issues, and that further financing, while believed to be feasible, would “have to take time.”

This turnpike, because of the “average” conditions surrounding it, will be observed with much interest by highway and investment interests.

Other toll roads

Not included in table 1 are a number of toll roads opened in part or in whole in 1954, but too late for their experience to be significant. These roads, and those already discussed, are listed in table 2, which shows the status of all arterial toll roads as of January 1, 1955.