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When the Chesapeake Bay Bridge-Tunnel opened in 1964, it was widely described as an engineering marvel and a surefire tourist attraction. Its 17½ miles of open spans and underwater tunnels connect Virginia's Cape Charles with the Norfolk area, uncorking what had been a major traffic bottleneck between New York and Florida. The 25-minute scenic crossing costs $4 for car and driver, plus 85? for each passenger-just pennies more than the old 90-minute ferry fare of $3.85 for car and driver. Yet traffic on the world's longest bridge-tunnel has been only...

Author: /time Magazine | Title: Bonds: White Elephant on the Bay | 1/12/1970 | See Source »

...bridge-tunnel cost $140 million, but to provide a reserve for a rainy day, Virginia's state-run Bridge-Tunnel District raised $200 million in three bond issues. The reserve has been largely exhausted to pay interest during the past six money-losing years. Unless the district can arrange emergency financing, it will have to skip the second half-interest payment of $2,875,000 on $100 million of 5¾% C-series bonds next July. In that event, the interest obligation would accumulate but would be paid only if and when funds are available. Venturesome investors...

Author: /time Magazine | Title: Bonds: White Elephant on the Bay | 1/12/1970 | See Source »

Matter of Integrity. Officials of the district cling to the faint hope that Virginia's general assembly will bail out the bridge-tunnel, though the state has no legal obligation to vote financial aid. Such a move would cost the state $5 million a year, initially. There are questions about the propriety of using tax money to pay off the bonds. The matter has caused anxious debate in the assembly, where the argument for support is that the state's reputation for fiscal integrity would be tarnished if Virginia let the bond issue of a political subdivision...

Author: /time Magazine | Title: Bonds: White Elephant on the Bay | 1/12/1970 | See Source »

Mountain Refuge. Militia training has been stepped up everywhere. Visitors to the recent Canton trade fair report that a huge tunnel complex has been built beneath the city that will enable downtown residents to flee to the relative safety of White Cloud Hill nine miles away. Washington discounts rumors that the Chinese have chiseled an elaborate command post out of 12,000-ft. mountains in Szechwan province as a refuge for Chairman Mao Tse-tung and his deputy Lin Piao in the event of an attack. But U.S. sources have been told that underground headquarters have been dug in almost...

Author: /time Magazine | Title: China: Bayonets and Bomb Shelters | 12/19/1969 | See Source »

Died. Ole Singstad, 87, master tunnel builder; in Manhattan. Beginning with New York's Holland Tunnel in 1927, the Norwegian-born Singstad designed and built dozens of underwater highways, including New York's Lincoln and Brooklyn Battery tunnels, and the 1¾-mile Baltimore Harbor Tunnel. What made them all possible was his ingenious ventilation system, which sucks out deadly exhaust fumes with fans so efficiently that it has become standard the world over...

Author: /time Magazine | Title: Milestones: Dec. 19, 1969 | 12/19/1969 | See Source »

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