Thruway Authority Sells $1.1B to Fund Other Repairs

New York State’s Thruway Authority has sold $1.1 billion in long-term bonds so far, according to the governor’s office.

The financial plan would fund repair projects for the toll road and to retire some short-term debt for the 570-mile highway.

About $250 million of the borrowing will go toward construction and repairs. The money will not reportedly be used to build a replacement for the Tappan Zee Bridge in New York City.

Two credit agencies have dropped their rating of the Thruway Authority this month. They say the thruway will have to increase tolls for tractor trailers and other haulers by nearly 50 percent in order to remain financially sound, something businesses say will harm the state’s economy and send trucks over to local roads and down to the free-of-charge interstate 86 and route 17.