The West Virginia Parkways Authority raised an extra $90 million during a recent bond sale for the state’s Roads to Prosperity highway construction and maintenance program.
The bond offering had the goal of raising $333 million for West Virginia Department of Transportation (WVDOH) road and bridge construction, but a total of $423 million was raised.
West Virginia has nearly the highest bond ratings possible, according to S&P Global Ratings and Fitch Ratings, two rating agencies. This allowed it to offer a 2.62 average percentage rate over the 30-year payback period of the bonds.
The money will be paid back through tolls on the West Virginia Turnpike and will fund 23 projects in the 10 counties surrounding the turnpike, although it won’t be used on the turnpike.
“We are pleased to be able to partner with the WVDOH to provide them the funding for important projects in these 10 counties,” Jeff Miller, executive director of the Parkways Authority, said.
Projects include the rehabilitation or replacement of eight bridges, improving US 60 between Chelyan and Montgomery, building a new roadway and bridge in the Davis Creek and Corridor G area in Kanawha County, the Coalfield Expressway, and funding portions of the Beckley Z-Way.