The Bridge Authority
The Bridge Authority is a body corporate established by an Act of Parliament on 26 June 1998, as a continuation of the former Paradise Island Bridge Authority -- established in 1988. The Bridge Authority incorporates all of the powers of the Paradise Island Bridge Authority, with extended powers and responsibilities, which allow it to construct, own, manage, and operate any bridge in The Bahamas.
In October 1997, following a competitive bidding process, the Government of The Commonwealth of The Bahamas, entered into a contract with Interbeton BV, a company based in The Netherlands, to design and construct a second bridge, from New Providence to Paradise Island, over the Nassau Harbour, including bridge approaches and toll collection facility, at a cost of $21.6 million. This second bridge was intended to supplement the original (eastern) Paradise Island Bridge, which following its commission in 1967 offered one access lane to Paradise Island and one exit lane to New Providence. The parties also agreed to a $4.9 million, restoration of the original (eastern) bridge. In March 1999, the Bridge Authority issued a $28.0 million bond to cover these costs, along with additional financing and pre-opening costs.
The terms and conditions of the offering, included the following:
|Issuer:||The Bridge Authority|
|Guarantor:||The Government of the Commonwealth of The Bahamas|
B$5,000,000 due on March 24, 2014
B$7,000,000 due on March 24, 2019
B$8,000,000 due on March 24, 2024
B$8,000,000 due on March 24, 2029
Maturity 24/03/2014 - Prime Rate + 1% p.a.
Maturity 24/03/2019 - Prime Rate + 1 ¼% p.a.
Maturity 24/03/2024 - Prime Rate + 1½% p.a.
Maturity 24/03/2029 - Prime Rate + 15/8% p.a.
The new (western) bridge was commissioned on December 11, 1998. It serves traffic entering Paradise Island, while the two-lane original (eastern) bridge serves traffic leaving the Island.
The Central Bank of Bahamas is the Registrar and Transfer Agent of The Bridge Authority.