With a final vote Thursday by the West Virginia Parkways Authority, the state is on track to sell the first $172 million in Turnpike bonds the week of Aug. 6.
Authority members adopted a Debt and Capital Planning Management Policy, the authority’s last formal action before the first of two rounds of bond sales go to market in August.
“We planned early on to do two bond issues,” Parkways General Manager Greg Barr said afterward. “We’re going to do the smaller bond issue first, $172 million, and see how everything works.”
While legislation passed in 2017 extending tolls on the West Virginia Turnpike for 30 years to fund the new bond issues envisioned a total of $500 million in bonds, traffic engineers have scaled that back to the $300 million range, anticipating lost revenue from deeply discounted E-ZPass rates and from commercial traffic opting for routes to bypass the Turnpike.