Santa Rosa Bay Bridge bond distribution planned; toll increase sought

By Caroline Salls

Pittsburgh, Dec. 11 – Holders of the Santa Rosa Bay Bridge Authority (Florida)’s series 1996 revenue bonds will receive a distribution on Dec. 31, according to a notice to bondholders from bond trustee the Bank of New York Mellon.

The trustee said $3.15 million, net of reserves, was available for distribution as of Dec. 1.

Payment of the principal amount of the bonds was accelerated on Jan. 1, 2013.

As of Jan. 1, 2015, the amount of bonds outstanding after taking into account payments made since the acceleration date, subsequent interest and increases in accreted value will be $132 million, the notice said.

The distribution will be made to bondholders of record as of Dec. 19.

The trustee said it also expects to make periodic distributions of revenues in the future.

On Nov. 6, the trustee asked the authority to raise toll rates within 30 days. Specifically, the trustee requested that the SunPass transaction rate be raised to $4.00 from $3.75, that the cash transaction rate be raised to $5.00 from $3.75 and that the SunPass discount for heavy users be reduced to 25% from 50%.

The bank said rates had not been raised as of Wednesday.

If the rates are not raised and the trustee notifies the Florida Department of Transportation of the authority’s non-compliance, the department will establish and collect the tolls.

The trustee said the authority is obligated to hire traffic consultants if adjusted gross revenue is expected to be inadequate to comply with rate covenants. The consultants would recommend revisions to the schedule of rates, fees, rentals and other charges and recommend changes to the authority’s operation in order to increase adjusted gross revenue.

The authority agreed to issue a request for proposals for traffic consultants on June 19 but had not done so as of Wednesday, the trustee said.

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