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NY - Another transportation bond act coming?
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CarGuru > Driving > NY - Another transportation bond act coming? 12 March 2005 17:40:04
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NY - Another transportation bond act coming?

Douglas Kerr 12 March 2005 17:40:04
 From the Binghamton Press and Sun-Bulletin...

N.Y. considers borrowing billions for highway projects
Transportation bond is needed to complete Interstate 86, Libous says
Staff and news service reports

ALBANY -- The state Legislature wants to borrow billions of dollars for
highway and mass transit projects through a bond act subject to voter
approval, and Sen. Thomas W. Libous says it may be the only way to complete
Interstate 86.

The state Assembly's Democratic majority is proposing a $2.9 billion bond
act proposal, Charles Carrier, spokesman for Assembly Speaker Sheldon
Silver, said Friday.

The Senate's Republican majority also is considering a borrowing plan to pay
for transit and highway projects, said Libous, R-Binghamton, the Senate
Transportation Committee chairman.

"I'm not a fan of borrowing, but in this case we have no choice," Libous
said Friday.

Gov. George E. Pataki's budget plans give upstate New York $1.65 billion a
year over five years for road improvements, the same amount it has received
over the past five years, even though payroll, fuel and other costs have
gone up.

"If we want to complete I-86, we can't do it without borrowing," Libous
said. Just one phase of one project to bring Route 17 up to interstate
standards -- flattening out Kamikaze Curve in Binghamton -- would cost $100
million, state Department of Transportation officials said earlier this
week.

The Assembly plan would provide $1.6 billion for Metropolitan Transportation
Authority projects and $1.3 billion to the state Department of
Transportation, Carrier said.

Read the article at... http://tinyurl.com/­5hy6u



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CarGuru > Driving > NY - Another transportation bond act coming? 12 March 2005 17:40:04
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