Virginia Board OKs $7.2B Transportation Plan

Vadum, Matthew
May 2003
Bond Buyer;5/16/2003, Vol. 344 Issue 31637, p4
Trade Publication
Virginia's Commonwealth Transportation Board granted preliminary approval to the state's six-year, $7.2 billion transportation plan that would finance 1,757 infrastructure-related projects and involve about $590 million in municipal bond financing. The remaining $60 million in debt, the proceeds from which would be spent on various projects in northern Virginia, would consist of revenue bonds that would be pledged to recordation taxes and local governments' fees. Previously, state officials had resisted using municipal bond financing on the Woodrow Wilson Bridge project on I-95 between Maryland and Virginia. The blueprint for 1,757 road projects includes $149 million for 80 new projects, including $19 million for congestion-relief projects in northern Virginia and Hampton Roads, $37 million for an environmental study of proposed future improvements to the I-81 corridor, and $51 million for re-paving I-64 east of Richmond.


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