West Virginia Turnpike bonds cleared to go to market
CHARLESTON, W.Va. (AP) — West Virginia is on track to sell the first $172 million of Turnpike bonds in early August following a vote by the state Parkways Authority.
The Charleston Gazette-Mail reports that authority members adopted a Debt and Capital Planning Management Policy on Thursday. It was the authority’s last formal action before the first of two rounds of bond sales go to market in August.
State lawmakers passed legislation in 2017 to extend tolls on the West Virginia Turnpike for 30 years to fund the new bond issues.
The measure envisioned a total of $500 million in bonds, but traffic engineers have scaled that back to the $300 million range, anticipating lost revenue from deeply discounted E-ZPass rates and from commercial traffic opting for routes to bypass the West Virginia Turnpike.
Information from: The Charleston Gazette-Mail, http://wvgazettemail.com.