Missouri to sell $300 million in highway bonds in late October

Wednesday, October 7, 2009 | 1:50 p.m. CDT
BY The Associated Press

JEFFERSON CITY — Missouri highway officials have approved the last piece of financing for a $2 billion road plan authorized by voters five years ago.

The Missouri Highways and Transportation Commission gave the go-ahead Wednesday to sell $300 million of bonds on Oct. 27 and 28.

The bonds are being issued under a 2004 constitutional amendment that redirected vehicle sales taxes from general state revenues to the highway department. The $2 billion road plan is expected to cost $3.1 billion to pay off by 2029.

Highway commissioners are selling bonds now to take advantage of low interest rates.

Last month, they sold $600 million of bonds to finance the repair or replacement of hundreds of bridges. Those bonds are to be repaid with federal road funds from 2011 to 2033.

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