How do you even begin to tackle a $1.6 billion debt?
The Delaware River Port Authority has decided it will start by paying off bonds with high interest rates. According to the Gloucester County Times, the DRPA’s debt is now around $1.2 billion.
But just because the agency is chipping away at old debt doesn’t mean it’s not accruing more. Though the agency has paid about $700 million toward its debt in recent years, new loans for the Walt Whitman Bridge and refurbished PATCO cars are adding to what the DRPA calls “secure debt.”
Bridge toll revenues will go toward those projects.