Garvees in The Mix for $2B Project

Carvlin, Elizabeth
June 2003
Bond Buyer;6/19/2003, Vol. 344 Issue 31660, p1
Trade Publication
Indiana and Kentucky officials said in the second week of June 2003 that Garvees and other municipal bonding options are likely to play a key role in financing two bridges that will be built across the Ohio River, a joint $1.9 billion project that officials expect to have final approval for this summer. The states have been lobbying the U.S. Congress for assistance, which has so far approved about $50.6 million in federal highway funds to help finance the Louisville-Southern Indiana Ohio River Bridges Project. Preliminary financing plans call for using grant anticipation revenue vehicles, tax-increment financing bonds, or long-term debt during the construction phase, according to John Carr, deputy state highway engineer for Kentucky. The first piece of the project would include rebuilding Louisville's Kennedy Junction, which is also called Spaghetti Junction, at a cost of $1.2 billion.The second piece of the project calls for a bridge connecting Kentucky and Indiana highways, and would include the construction of a tunnel in Kentucky under U.S. Highway 42.


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