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Toll Information
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FOR IMMEDIATE RELEASE
No Toll Increase for Cobequid Pass
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December 7, 2005 12:53 PM
Motorists travelling the Cobequid Pass on Highway 104 are
getting a break from a scheduled toll increase.
Tolls for cars on the Cobequid Pass were scheduled to increase by 50 cents on
Jan. 1. The toll for trucks was scheduled to increase by 50 cents per axle and
75 cents for recreational vehicles.
Transportation and Public Works Minister Ron Russell signed an agreement today,
Dec. 7, with Highway 104 Western Alignment Corporation and corporate bond
holders. The agreement gives the corporation flexibility in determining future
toll increases, if current traffic levels are maintained.
"The original agreement was amended to give the Highway 104 Western Alignment
Corporation the authority and ability to manage the timing of toll increases,
which had previously been carved in stone," said Mr. Russell. "The corporation
will still have to maintain certain financial targets."
Higher than expected traffic volumes and revenues are the reasons there will be
no increase in the toll at this time. Mr. Russell said the amendment means the
corporation will use any surplus cash to reduce future toll increases or pay
down the corporation's debt.
He also said that Highway 104 Western Alignment Corporation expects to pay down
the debt on the privately built four-lane highway at a faster rate than
anticipated, provided current traffic levels are maintained. The corporation is
projecting it will repay its debt eight years ahead of schedule, in 2018.
The postponement of the 2006 toll increase had to be negotiated and agreed to by
the bond holders, who helped finance the construction of the highway.
"The trip between Truro and Amherst is safer since the Cobequid Pass was built,"
said Mr. Russell. "Traffic on this modern highway has exceeded all expectations.
The extra revenue means the corporation can keep the rates where they are for at
least another two years."
Car traffic is 71 per cent higher than forecast in 1997.
The current toll is $4 per car, $3 per axle for trucks over five tonnes and
$5.25 per recreational vehicle.
The toll revenues pay for toll operations, repay investors and provide highway
maintenance. Major repairs are funded through the corporation's reserve fund.
A daily average of 6,200 cars and 1,800 trucks travelled the Cobequid Pass last
year.
The 45-kilometre highway runs between Masstown, Colchester Co., and Thomson
Station, Cumberland Co., and opened in November 1997.
FOR BROADCAST USE:
Motorists traveling the Cobequid Pass on Highway 104 are
getting a break from a scheduled toll increase.
Tolls were going up 50 cents on January first, but
Transportation and Public Works Minister Ron Russell says heavier
traffic and higher revenue means current rates won't have to
increase.
The Highway 104 Western Alignment Corporation expects to pay
down the debt on the privately built four-lane highway sooner
than expected.
Cars pay four dollars to travel the Cobequid Pass, which
runs between Masstown, Colchester County, and Thomson Station,
Cumberland County.
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Media Contact: Linda Laffin
Transportation and Public Works
902-424-3289
E-mail: llaffin@gov.ns.ca
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For More Information Contact:
Highway 104 Western Alignment Corporation
1969 Upper Water Street, Suite 1905, Halifax NS B3J 3R7
Tel: 902-422-6764
FAX: 902-422-6764
Internet:
info@highway104.ns.ca
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Highway 104 Western Alignment Corporation