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ITD to sell more GARVEE bonds

BY CYNTHIA SEWELL - cmsewell@idahostatesman.com

Published: 01/18/09


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Bonds to construct $176 million in highway projects on Interstate 84 in the Treasure Valley and U.S. 30 in Eastern Idaho will be sold in late January, the Idaho Transportation Department announced Friday.

ITD planned to sell the bonds in November 2008, but postponed the sale because of instability in the country's financial markets.

ITD's financial advisers think the bond market has since stabilized.

"The bonds will fund the construction of five projects this summer, preliminary work on two more, and create approximately 3,500 jobs," Idaho Transportation Department Director Pamela Lowe said. The January bond sale will finance the following projects:

I-84: Ten Mile interchange, new construction; Orchard interchange, rebuild; Vista Avenue interchange, right-of-way; Franklin to Garrity interchanges, design, right-of-way.

U.S. 30: Topaz Bridge, rebuild; Portneuf crossings, new bridges; and 12th Street to Crystal Springs, improvement.

The bonds will be repaid with future federal highway dollars as part of the $998 million Connecting Idaho program approved by the Legislature in 2006. To date, the Legislature has authorized ITD to issue $597 million in bonds.

This session the transportation department is requesting the Legislature approve an additional $125 million in bonds to fund the following projects:

I-84: Cole to Broadway widening; Vista Avenue interchange, rebuild; Garrity interchange, widening.

Idaho 16, U.S. 20/26 to Idaho 44, engineering.

Cynthia Sewell: 377-6428

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