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<p>The builders acquired the land through eminent domain proceedings, if required.  The bonds are not backed by the government.  In some locations the bonds are issued by the Texas Turnpike Authority, which get a municipal rate.  They are revenue bonds and are not backed by the state.  If the turnpike fails to generate sufficient revenues to service the bonds, they would default.  It is not likely to happen, but it could happen.  </p> <p>As I said, private roads are the exception.  My point was that they could work.  And they are working in a few instances in Texas.  Frankly, I have no idea whether they work outside of Texas.  But they work in Texas.  They are a way of financing road construction without impinging on the state's credit rating.</p>
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