JEFFERSON CITY, MO. (AP) -- Missouri highway officials have approved the last piece of financing for a $2 billion road plan authorized by voters five years ago.
The Missouri Highways and Transportation Commission gave the go-ahead Wednesday to sell $300 million of bonds on Oct. 27-28.
The bonds are being issued under a 2004 constitutional amendment that redirected vehicle sales taxes to the highway department from general state revenues. The $2 billion road plan is expected to cost $3.1 billion to pay off by 2029.
Highway commissioners are selling bonds now to take advantage of low interest rates.
Last month, they sold $600 million of bonds to finance the repair or replacement of hundreds of bridges. Those bonds are to be repaid with federal road funds from 2011 to 2033.
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