Florida Transportation Cuts May Boost Bonding, Garvees

Sigo, Shelly
April 2003
Bond Buyer;4/24/2003, Vol. 344 Issue 31621, p30
Trade Publication
Florida may sell more debt for undergoing projects and issue the state's first-ever grant anticipation revenue vehicles in 2002 than previously planned if spending reductions proposed by Governor Jeb Bush for the state Department of Transportation's (DOT) budget are approved for fiscal 2004. Bush wants to cut 200 million dollars from the DOT's proposed 6.2 billion dollar fiscal 2004 budget. The Senate and House have different plans for transportation spending in fiscal 2004. Both the House and the Senate are likely to provide some funding to begin construction of a high-speed rail system that Bush opposes. Voters approved the high-speed rail project in 2000. Responding to the governor's request to cut 200 million dollars from its budget, the agency increased the amount it plans to borrow and revised its plans for leveraging federal transportation money to support more debt, said Lowell Clary, the DOT's manager of financial planning.


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