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Governor Proposes Using Bonds To Raise Money For Local Road Projects
By: Associated Press
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Ohio's governor won't lease the Ohio Turnpike and instead proposes raising $1.5 billion in bonds to fund local road projects.
Up to an additional $1.5 billion could be generated by matching local and federal funds.
Republican John Kasich was announcing his plan Thursday.
It caps any toll increases on trucks at inflation, freezing rates for 10 years on local trips paid for with an EZ Pass.
Ninety percent of the proceeds from bond sales, backed by future toll revenues, would go to northern Ohio projects, including the turnpike.
Diverting toll revenue off the roadway will require lawmaker approval.
The plan retains the Ohio Turnpike Commission as a public entity and retains jobs.
The governor originally touted benefits of a lease. But counties hosting the 241-mile toll road strenuously objected.
For more details on the plan, click here to visit an information website set up by the Ohio Department of Transportation.