Vt. sells $10.3M in transportation bondsJuly 30,2013
MONTPELIER - The state sold $10.3 million in transportation bonds Tuesday, which will allow Vermont to leverage more than $64 million in federal funds for road and bridge repairs, the state Treasurer's office announced Tuesday.
"Funds raised through the bond sale allows the state to match federal fund requirements for 17 projects, six of the projects associated with Tropical Storm Irene," State Treasurer Beth Pearce said.
Among the more than $75 million in road and bridge improvements are replacement of bridges in Brighton, Hancock, Jamaica, and Plymouth that were damaged in Tropical Storm Irene.
Another bridge in Bennington will be rehabilitated. Other projects include the replacement of interstate bridges in Brattleboro, Milton and Windsor. State bridges in Bristol and Cambridge also will be replaced. Roadway projects include the construction of an alternate truck route on Route 100 in Morristown and road reconstruction and safety improvements in Brandon, Montpelier, Rutland City and White River Junction.
Work on projects is already underway or will begin during fiscal year 2014.
Moody's Investors Service rated the bonds as Aa2 and Fitch Ratings rated the bonds as AA, both with a stable outlook. Standard and Poor's rated the bonds AA+ with a positive outlook.
Transportation bonds carry a slightly lower rating than general obligation bonds. Vermont has the highest general obligation bond rating available, AAA and Aaa, by Fitch and Moody's respectively, and the second highest rating of AA+ by Standard & Poor's. This is the highest state rating in New England.
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