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The Republican
governor said the money would be in addition to the $3.2 billion
the state's transportation department was already planning to
spend on projects over the next five years.
“These additional funds will help INDOT make future maintenance
and repairs as the interstate system comes of age, and will help
ensure that our roads can support the economic and employment
growth our state has seen over the last few years," Pence said
in a statement.
The plan, which would not require a tax hike, calls for the sale
of $240 million of bonds by the triple-A-rated state and $6.5
million in annual savings through 2029 from refinancing
outstanding bonds at lower interest rates. Pence said he will
ask the legislature to approve $150 million a year in additional
funding for roads and bridges in fiscal 2018, 2019 and 2020,
while tapping $241 million from Indiana's $2 billion budget
reserve projected at the end of fiscal 2016.
Indiana would also accelerate the distribution of $50 million in
interest from a trust fund set up in 2006 with proceeds from the
long-term lease of the state toll road.
(Reporting By Karen Pierog; Editing by Tom Brown)
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