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Eye On Boise

Fri., Oct. 17, 2008, 1:11 p.m.

GARVEE bond sale delayed due to market woes

The Idaho Transportation Department has announced it’ll delay the sale of $116 million in GARVEE bonds for major transportation projects, which lawmakers authorized this year, until the nation’s financial markets stabilize. “It is the cautious and appropriate approach to take,” said ITD Director Pamela Lowe. GARVEE stands for Grant Anticipation Revenue Vehicle, a special type of bonding authorized by Congress that allows states to borrow against their future federal highway allocations to pay the up-front costs to build big projects. The bonds were scheduled to be sold in November, but the department determined that market conditions aren’t favorable for such a sale. The delay means replacement of the Orchard Interchange on I-84 and three projects including bridge and culvert replacements on U.S. 30 are being placed on hold, though Lowe said if the markets recover enough to allow the bond sales within the next few months, delays would be minimal. Construction on the Orchard Interchange was scheduled to begin next year. Click below to read the full announcement from ITD.

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Eye On Boise

Short takes and breaking news from the Idaho Legislature and the state capital.