Governor Chafee, DOT make right call – NO Transportation Bond Ballot Item in 2012
It’s about time, via the ProJo:
For the first time in memory, the state won’t be asking voters’ permission this year to borrow tens of millions of dollars for the state’s transportation system – and running up borrowing costs each time.
The change will save many millions in interest, with the savings to increase until the Department of Transportation’s debt service costs disappear once the bonds issued in the past are paid off, officials said.
It’s unclear from this version of the ProJo story whether the state is still going to provide the requisite 20% of desired transportation funds that are required for the federal gov’t to provide the balance (80%).