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March 5, 2008

Tolling Bill Approved by Committee

It looks like the House and Senate are in basic agreement on formation of a new state tolling authority to come up with funding for mega road projects like the Louisville Bridge Project.

A House committee approved Rep. Don Pasley's bill which would set up the tolling authority. Its first chore would be coming up with Kentucky's share of the $4.1 billion bridges project. Kentucky must ante up about $3 million of the cost. Pasley says the 11 member authority would get recommendations from the Louisville Metro Council on how to fund the bridges and how much the toll should be on each of the two bridges. The authority would make the final decisionl. Pasley says tolls would likely be used to pay off the bonds on the project. But since it would take up to 9 years to generate enough toll money to begin paying off the bonds, the state of Kentucky would likely have to spend money up front, perhaps $30-40 million per year to get construction going. Here's the story.

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