TITLE

Pennsylvania Officials Look for an Exit as Road Project Stretches On

AUTHOR(S)
D'Ambrosio, Gillian
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/23/2003, Vol. 344 Issue 31620, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The problems related to finance for the construction of Mon/Fayette Expressway in southwestern Pennsylvania has emerged again. Nearly a half-century later, only 35 miles of the 70-mile toll road is complete. The Pennsylvania Turnpike Commission is left with the option of bond issuance to finance the project. The commission had previously secured $1.6 billion for the project, and while most of this has already been spent, the remainder is expected to last through the next two years as of April 23, 2003. In 1985, the Pennsylvania General Assembly shifted responsibility for the ambitious public works project from the Department of Transportation to the Turnpike Commission, which broke ground on its portion in 1994. Standard & Poor's rated the commission's long-term debt AA-minus/F1-plus for its 2002 series variable-rate demand turnpike revenue bonds. Mon/Fayette is likely to be completed between 2012 and 2015.
ACCESSION #
9676278

 

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