advertisement

Missouri scraps private financing for bridge projects

Thursday, September 18, 2008 | 3:31 p.m. CDT

JEFFERSON CITY — Credit market troubles have caused Missouri to scrap a privately-financed plan to fix 802 of the state's worst bridges.

The Missouri Highways and Transportation Commission decided Thursday to instead issue its own bonds to build the bridges.

A plan outlined two years ago would have awarded a single contract to finance, design and build the bridges within five years and then maintain them for an additional 25 years. The state would have made annual payments to the contractor.

But after the Missouri Legislature authorized the plan in a special session last year, the credit market crunch started driving up the costs of the private financing.

Transportation officials say the state will save $300 million to $500 million by financing the bridge itself.

 


Like what you see here? Become a member.


Show Me the Errors (What's this?)

Report corrections or additions here. Leave comments below here.

You must be logged in to participate in the Show Me the Errors contest.


Comments

Leave a comment

Speak up and join the conversation! Make sure to follow the guidelines outlined below and register with our site. You must be logged in to comment. (Our full comment policy is here.)

  • Don't use obscene, profane or vulgar language.
  • Don't use language that makes personal attacks on fellow commenters or discriminates based on race, religion, gender or ethnicity.
  • Use your real first and last name when registering on the website. It will be published with every comment. (Read why we ask for that here.)
  • Don’t solicit or promote businesses.

We are not able to monitor every comment that comes through. If you see something objectionable, please click the "Report comment" link.

You must be logged in to comment.

Forget your password?

Don't have an account? Register here.

advertisements