Thursday, October 23, 2014

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Hudson Valley

Gov. Cuomo announces Thruway Authority bond sale

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STATEWIDE -- Governor Cuomo said the New York State Thruway Authority is making headway in improving its financial standing and further funding the New Tappan Zee Bridge Project.

Cuomo announced the Thruway Authority raised $1.1 billion in the sale of long-term bonds. This after Standard and Poors expressed uncertainty with the financial future of the Thruway Authority. While the overall rating remains stable, they changed the outlook from stable to negative.

This has caused concern over how the agency will finance the building of a new Tappan Zee bridge. The total cost of building a new bridge is more than $5 billion, and the Thruway Authority is expected to pick up a large portion of the tab.

Many fear that price tag could come with toll increases.

Meanwhile, Cuomo said the bridge project will provide tens of thousands of construction jobs.

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