The Nebraska State Highway Commission recently authorized the Nebraska Department of Transportation (NDOT) to issue bonds to finance the completion of the US-275 expressway corridor.
This is the first time the commission approved a bond issuance for a state highway project.
“The completion of the Scribner – West Point corridor along the US-275 was a win for Nebraska, but there’s more work ahead,” Gov. Jim Pillen said. “Local communities have long supported this expressway, understanding the safety improvements and economic benefits it brings.”
Traffic along the US-275 corridor supports regional industries including agriculture, steelmaking, and manufacturing. The project will improve the corridor to boost economic competitiveness and enhance access to markets and national freight networks.
“NDOT is using a fiscally conservative method to secure resources, safeguarding the schedule of the US-275 corridor,” NDOT Director Vicki Kramer said. “Innovative finance, bonding in this scenario, is a tool that can be leveraged to expedite project schedules, delivering needed safety and capacity improvements to communities. While this bond issuance will finance a portion of the corridor, it’s important to state – bonding is not a revenue source but rather a financing tool.”
In 2023, the passage of LB 727 enabled the use of bonds to expedite critical infrastructure projects.