TITLE

California Reaches Pact to Cover Bay Bridge Overruns

AUTHOR(S)
Saskal, Rich
PUB. DATE
June 2005
SOURCE
Bond Buyer;6/27/2005, Vol. 352 Issue 32162, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article informs that an agreement appears to be in hand to finance cost overruns that have threatened to impede the replacement of the East Span of the San Francisco-Oakland Bay Bridge. Under the agreement, motorists who use the area's seven state-owned bridges will see their $3 toll increase to $4 in 2007. The agreement also would furnish additional borrowing capacity by consolidating three distinct bond programs financed by the current toll under one bond indenture. The Transportation Department, using the California Infrastructure and Economic Development Bank as conduit issuer, issued $1.16 billion in toll revenue bonds in 2003, and $400 million in commercial paper in March.
ACCESSION #
17457016

 

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