Governor Andrew M. Cuomo announced that the New York State Thruway Authority has completed a sale of long-term bonds, raising $1.1 billion for the Authority so it can move forward with capital projects across the state, including the Tappan Zee Bridge.
“The Thruway Authority has taken important steps to save costs and put in place a financially secure capital plan that will allow vital repair projects to be undertaken across New York State,” Governor Cuomo said. “This financing will help allow major projects to get off the ground, creating jobs for New Yorkers and generating economic growth in our communities.”
Cuomo said the bond sale, along with other actions, has provided a firm foundation for the Authority to finance its future operational and capital needs, and to finally begin the New Tappan Zee Bridge reconstruction project. Approximately $885 million will be used to retire the short-term debt and $250 million will go to the Authority’s construction fund for non-Tappan Zee capital projects.