Funding the Unfundable?
With looming debt and limited income are the OTC and ODOT willing to lose tolling?
Article 1 - The Oregon and Washington Legislators are currently working on a tolling agreement for the I-5 Bridge… and approval is eminent. This agreement enables them to agree upon toll rates and to start tolling.
Even though the project will take close to 10 years to complete, tolling can start at the beginning of construction.
Article 2 - Rep. Susan McLain, D-Hillsboro, said the borrowing plan is a “very simple package.” 2 Bonds; one for $300 million would be funded by the General Budget, the 2nd for $700 million, would be funded by ODOT and bonded against highway-user revenue. Presumably this means tolls, gas tax and registrations.
Interesting, considering ODOT says they are losing money. Of course the pay-off timeline is not laid out for either Bond so we assume they have time to pay it back… if they don’t go bankrupt.
Article 3 - BikePortland, in their Comment of the Week section, paints the perfect picture of the I-5 Bridge Replacement concerns, issues and obstacles.
A fun read for a very difficult situation.
Article 4 - This is the link to the Podcast content. Listen to this KATU video interview … then listen again. The diversion to questions is quite haunting.
In our “Expert Commentaries” you will see 2 new articles at the bottom of the page. Boondoggle, parts 1 & 2, come to us from the Pac/West Lobby Group and will give you a bit of history and tolling.