Bonds proposed to cover highway repairs

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(Host) State Treasurer Jeb Spaulding says the state could use up to $100 million in bond financing to help pay for road repair and maintenance projects. Spaulding says the state would pay off the bond interest by using an expected increase in federal highway funds. He says this funding mechanism is used in many other states.

According to Spaulding, the new bond financing is needed, because roads in Vermont are deteriorating rapidly.

(Spaulding) “What’s key here is this will allow us to finish up a handful of critical projects that we’ve already spent millions of dollars on, and re-allocate existing funds for statewide maintenance roads and bridges. So I see this as a way to benefit the entire state, not a handful of geographic locations within the state.”

(Host) Spaulding says a working group would put together the specifics of the bond plan. He says the group would report to the Legislature in time for the money to be available for the 2005 construction season.

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