Of all the coastal states contributing inland waterways that now make up the Atlantic Intracoastal Waterway, only the State of Florida was required to buy its waterway for turnover to the federal government free of charge. For example, the Commonwealth of Massachusetts was not required to buy the privately owned Cape Cod Canal built by August Belmont for turnover to the federal government free of charge.
Congress appropriated the funds to buy the Massachusetts waterway. The Florida legislature created the Florida Inland Navigation District (FIND) to float the bond issue at Florida taxpayer expense to buy the Florida East Coast Canal for turnover to the Corps of Engineers for enlargement and perpetual maintenance. FIND’s commissioners included yacht club commodores, newspaper publishers, and real estate developers. FIND issued a million dollars worth of bonds to buy the waterway for $725,000 and to acquire the right-of-way for the waterway’s enlargement. In the end, commissioners ‘burned’ the bonds not needed for the project, a result rarely seen in modern-day public works.