The Santa Rosa Bay Bridge Authority, Fla., missed its third bond payment on July 1 because toll revenues were insufficient to pay debt service, according to a market notice filed by Bank of New York Mellon, the trustee.

The authority, which issued $95 million of revenue bonds in 1996 to build the 3.5-mile Garcon Point toll bridge in northwest Florida, had drawn on reserves for many years to supplement debt service payments because traffic levels never met projections.

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