Bill to make bypass project easier passes Senate

Tuesday, June 3, 1997 | 11:32 a.m.

SB335 allows bonds secured by federal highway grants to extend for up to 10 years instead of a maximum of five years.

Senate Majority Leader Bill Raggio, R-Reno, said Monday the longer financing period costs more in interest, but increases the amount of money the bonds can generate.

He said NDOT officials wanted the change to make possible five "super projects" around the state - highway projects that are bigger and more expensive than the usual roadwork projects NDOT does. That list of projects includes the Carson City bypass, which has a total estimated cost of more than $200 million.

Susan Martinovich, NDOT's assistant director for engineering, said the longer bonding period means those huge projects can get started sooner.

While longer bonding periods mean more interest, she said the state gets quite a bit of that back because the price of those projects would be higher in the future.

Carson City is already collecting an added nickel per gallon gas tax to contribute to that project. The state has already spent more than $40 million on a large percentage of the land needed as well as committing $8 million in additional funding to the project.

archive