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How were tolls intended to pay for the St. Lawrence Seaway project?

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Map showing the St. Lawrence hydrographic system and the five main sectors of the St. Lawrence Seaway project, stretching from Lake Ontario near Kingston through various locks, canals, and dams along the Canada-United States border to Montreal. The map highlights key locations such as the Thousand Islands, International Rapids, Lake St. Francis, Soulanges, and Lachine sections, with detailed labeling of major locks, canals, and power dams. Cross sections of the lock and canal system are depicted — St. Lawrence Seaway The St. Lawrence hydrographic system, with the five main sectors of the St. Lawrence Seaway project.

To ensure the St. Lawrence Seaway project was self-liquidating, the U.S. Congress and the Canadian government mandated that tolls be assessed to cover the project's total costs.1

Specifically, the toll system was designed to achieve three primary financial objectives:
* Repay the construction costs of the project within 50 years.1
* Cover the annual interest on the funds borrowed for construction.1
* Fund all ongoing operating expenses.1

The two nations jointly established this toll system, collecting revenue in their respective currencies. This arrangement resulted in a revenue split of approximately three-fourths for Canada and one-fourth for the United States. Despite these intentions, early revenues often fell short of covering operating costs and interest payments, leading to subsequent adjustments in toll agreements and, eventually, changes in how the U.S. government managed its financial obligations for the project.1