The Idaho Transportation Board recently passed a resolution at its monthly meeting in Boise authorizing staff to proceed with the final bond sale for the Transportation Expansion and Congestion Mitigation (TECM) bonding program.
The final bond sale is expected to raise approximately $350 million and will be used to fully utilize $80 million in debt service from the TECM fund. The sale will take place in early 2025 in partnership with the Idaho House and Finance Association.
The bond proceeds will be put toward several eligible construction projects, including I-90, SH-41 to US-95 between Post Falls and Coeur d’Alene, and SH-16, I-84/16 System Interchange, Franklin Interchange and SH-44 Interchange in Ada and Canyon Counties, among others.
Three previous TECM bond series sales raised funds to accelerate construction projects and make transportation improvements that otherwise would have take many years to finance.
The TECM fund is part of the Leading Idaho initiative that makes investments in critical state infrastructure.
The fund is anticipated to yield up to $1.6 billion in road construction projects over the life of the program.
“Idahoans can see the historic investment in transportation from the Legislature and Governor across the state as many significant and much-needed expansion and congestion mitigation projects are progressing toward completion,” Idaho Transportation Board Chairman Bill Moad said. “These projects will enhance safety and bring relief for those using the selected corridors.”
Fitch Ratings and Moody’s assigned the bonds high ratings.