cartky.org

 Anonymous Source writes:

I have looked at the supplemental spending bill.  The legislature authorized $231 million in GARVEE bonds:  this total includes $56 million in authorization left from this (2008) fiscal year and $175 million for fiscal years 09 and 10.  This is essentially putting the project payments on a credit card for the next two years; paying for interest in the meantime out of KY federal highway dollars; and pledging future (uncertain) KY federal highway dollars to repay the debt.

Interesting Build the Bridges Coalition spin (see below), since one lawmaker was quoted
in yesterday's paper as saying the project is going nowhere the next 2
years....

From: Build the Bridges Coalition
Sent: Thursday, April 03, 2008
Subject: Kentucky Funds Ohio River Bridges Project

Kentucky Funds Ohio River Bridges Project:
Funding will keep project on schedule

Kentucky's work on the Ohio River Bridges Project will stay on schedule and non-stop electronic tolling was identified as a funding option to help cover construction costs, under legislation approved late yesterday by the Kentucky General Assembly.

"Kentucky's budget is good news for the Bridges Project and continued progress," said C. Edward Glasscock, chairman of Build the Bridges Coalition, a non-profit group of Kentucky and Indiana businesses and organizations advocating for the project.

"In a tight budget year, the Kentucky General Assembly showed a strong commitment to the project and keeping work on schedule," Glasscock said. "The decision reflects the strong public support for the project, and the need to complete the work as quickly and as economically as possible."

Kerry Stemler, chairman of One Southern Indiana, a chamber of commerce and member of Build the Bridges Coalition, said Kentucky's funding approval "is a huge step for project completion, which will give us a stronger economy, needed public safety improvements and congestion relief."

...

The Kentucky General Assembly provided $231.5 million in federal highway bonds for the next two years to keep the project on schedule, bringing Kentucky's total committed funding to $430 million since 2002. The state has spent about $100 million, largely on design work, in the past two years alone, according to the Kentucky Transportation Cabinet.

Work scheduled in the next two years includes construction in the approach area for the new downtown bridge, right-of-way and final design both downtown and in the East End where a second bridge is located.

The state budget stipulates that the project's Finance Plan should be updated by the Transportation Cabinet to show that toll revenues - which can be generated from non-stop electronic operations - would be available as a funding source in the future to help pay Kentucky's $2.9 billion share of the project. Details on oversight of a tolling operation are expected to be determined in a future legislative session.