Toll roads in Europe
A toll road is a road over which users may travel over on payment of a toll, or fee. Tolls are a form of user tax that pays for the cost of road construction and maintenance, without raising taxes on non-users. Investor's bonds necessary for the construction of the roads are issued and sold with the expectation that the bonds will be paid back with user tolls. The toll roads may be run by government agencies that have bond issuing authority and/or private companies that sell bonds or have other sources of finance. Toll roads are usually a government guaranteed road monopoly that guarantees limited or no competing roads will be build by government agencies for the duration of the bonds. Private toll roads built with money raised from private investors in expectation of making money from the tolls probably dominated early toll roads. Government sponsored toll roads often guarantee a minimum payment (from other taxes) to the bond holders if traffic volume and toll collections are less than predicted. If the toll authority is a private company there is often a maximum amount of fees that they may extract from users. Toll road operators are typically responsible for maintaining the roads. After the bonds are paid off the road typically reverts to the government agency that authorized the road and owns the land it was built on. Like most government taxes it is not unusual for tolls to continue to be charged after the bonds have been paid off.