Our Division of Transportation Programming recently released the following statement, which we are providing as information to interested parties:
The State Treasurers Office was successful in selling bonds this week, a portion of which has been allocated to transportation. Of the bonds sold the Department will be receiving about $450 million in bond proceeds. The new funds, combined with the existing cash balances, will be used to fund the cash flow for projects that are already in construction and will also allow the Department to recommend allocations to additional bond projects.
After completing discussions with the Administration regarding future bond needs, the good news is that we will be able to recommend allocation of all bond projects that are programmed for delivery in the current fiscal year. For the upcoming Commission meeting (Oct 26 & 27), the Department will be recommending slightly more than $765 million of Proposition 1B allocations. We plan to continue to recommend allocation of all bond projects as they come forward for vote through June 2012.
The upcoming allocations will allow billions of dollars to flow into construction and produce enormous economic benefit to the State.