2012-05-10 / News

Darlington re-elected chairman of RITBA board

DAVID DARLINGTON DAVID DARLINGTON At the May 2 meeting of the Rhode Island Turnpike and Bridge Authority, the board re-elected David Darlington as chairman, and elected Arthur Fletcher and Newport Mayor Stephen Waluk as covice chairmen.

Darlington has served on the RITBA board under three governors and has led the quasi-state agency that manages the Newport Pell and Mount Hope bridges. As chairman, he has led the board and staff through the successful transition from the antiquated token toll collection system to the electronic E-ZPass system, as well as improving the fiscal well-being of the authority.

As proof, it was learned May 1 that Fitch reaffirmed its “A” rating on $71.4 million in outstanding RITBA revenue bonds, which are used to fund ongoing improvements to the bridges.

“The financial stability of the Turnpike and Bridge Authority is of critical importance to the state and the health of these two gateway bridges onto Aquidneck Island,” said Darlington. “As many public entities in the region are finding it challenging to keep investmentgrade ratings, we find that our constant attention to maintaining these important assets help protect the fiscal health of the authority while simultaneously ensuring that the bridges remain in excellent condition for all who cross them. We are buoyed about the Fitch rating and are confident that the authority will continue the excellent financial practices that have brought us this success.”

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