There’s truth in the old saying that, “No one’s property is safe when the Legislature is in session.” In Florida’s case, the anti-tolls feeding frenzy under way in Tallahassee puts Florida’s economic growth at risk.
A rapidly changing set of proposed bills would put arbitrary restrictions on the rates charged in Miami by toll roads and express toll lanes, abolish the well-run Miami-Dade Expressway Authority (MDX), turning its existing toll roads over to a hastily created body and making it illegal to issue new bonds to fund much-needed expansion projects.
When it comes to MDX in particular, sponsors of the MDX poison pill keep telling legislators from elsewhere in Florida that this is a local issue that should not concern them. But that is false. The bond market that finances the long-term toll revenue bonds that all Florida toll entities rely on is very sensitive to “political risk.”