Transportation board forwards request for
additional $45 million in GARVEE bonds
The Idaho Transportation Board Thursday recommended requesting $45 million in bonding authority next year to finance reconstruction and expansion of the states highways and bridges.
The bond request is part of the GARVEE Transportation Program approved by the Idaho Legislature. The recommendation will be forwarded to Governor C.L. "Butch" Otter and must be approved by the Legislature. The program uses Grant Anticipation Revenue Vehicle (GARVEE) bonds to expedite highway improvements.
"This request represents a cautious and prudent approach as we continue through an uncertain economy," said Darrell Manning, chairman of the Idaho Transportation Board. "At the same time, it continues the momentum we have achieved in rebuilding Interstate 84 and U.S. 95 and planning for the extension of Idaho 16."
The Idaho Legislature has approved $681 million in bond authorizations to date. Approximately $534 million in contracts have been issued through August for the design, purchase of right of way and improvement of the state's highways and bridges.
"We have already advanced three projects with bid savings from previous GARVEE projects," said Manning. "If approved, we will use $30 million in additional bid savings and the $45 million from new bond sales to advance the projects that are most ready."
The $45 million bond request, combined with $30 million in bid savings from other GARVEE construction projects, would finance or complete the financing for the following:
Interstate 84 - Reconstruction and widening of Franklin to Garrity. $48 million.
Idaho 16 - Purchase of remaining right of way parcels for extension of Idaho 16 from Idaho 44 to U.S.20/26. $11 million.
U.S. 95 - Reconstruction and widening of four miles of U.S. 95 in the Chilco area and construction of frontage roads. $14 million.
Program - management - $2 million.