Va. to sell nearly $500M in bonds for roads

Virginia will sell nearly $500 million in bonds this month for transportation projects across the state, including light rail in Norfolk and Interstate 264 improvements in Virginia Beach.

Gov. Bob McDonnell announced Friday that a total of $2.2 billion in bonds will be sold over the next six years, fulfilling a campaign promise to follow through on 2007 legislation authorizing the bond issuance for transportation, which was never acted on.

McDonnell said the General Assembly "expected the commonwealth to use this funding to advance projects and, as promised, I am doing exactly that. In these difficult economic times and with our mounting transportation needs in the commonwealth, it is important to use every tool available to maximize funding options for our roads, bridges, rails and public transportation."

The bonds will help meet a $20 million obligation to help pay for increased light-rail costs in Norfolk and to help fund a $14 million project that will build two ramps connecting London Bridge Road to Interstate 264 in Virginia Beach.

Transportation Secretary Sean Connaughton said those two projects are a sampling of dozens of other projects in Hampton Roads that will receive funding.

"We're going to meet federal match requirements so we maximize our federal dollars," he said.

The bond funding will help to move projects forward when the state updates the Six-Year Improvement Program this spring.

Other projects across the state that will receive funding include truck-climbing lanes on Interstate 81 around Staunton and Salem, rehabilitation of 11 bridges on Interstate 95 around Richmond and reconstruction of Route 610 around Fredericksburg.

Connaughton said, "This bond issue is a step in restoring confidence in the integrity of Virginia's transportation finance program."

Debbie Messina, (757) 446-2588, debbie.messina@pilotonline.com