Thruway Authority Approves Bonds for the Replacement Tappan Zee

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Credit New York State Thruway Authority

NEW YORK (AP) — The New York State Thruway Authority board has approved issuing $500 million in short-term bonds to jump-start construction of a new $3.14 billion Tappan Zee Bridge.

The board agreed at its monthly meeting Thursday to issue the bonds. The bonds will be used to pay for initial project costs during the next six months. The authority said the money would be paid back with a U.S. Department of Transportation loan the state hopes to secure in the coming months.  Last week, the state comptroller and attorney general approved the bridge contract between the Thruway Authority and Tappan Zee Constructors, a 66-month contract that was effective immediately. The Tappan Zee connects Westchester and Rockland Counties.

Copyright 2013 The Associated Press.