Vt. Sells $14.4M in Bonds for Bridge

Fri August 13, 2010 - Northeast Edition

MONTPELIER, Vt. (AP) The state of Vermont has sold $14.4 million in transportation infrastructure bonds to help pay for rebuilding the Champlain Bridge and other projects.

State Treasurer Jeb Spaulding said part of the money will go toward the state’s share of the cost of rebuilding the span between Addison, Vt., and Crown Point, N.Y. The old bridge was condemned and demolished last year after it was deemed unsafe.

Spaulding said it’s expected the federal government will pay 80 percent of bridge construction costs, with the balance divided between Vermont and New York.

Money from the bond issue also will go toward interstate bridge rehabilitation work in Brattleboro and Putney, bridge projects in Cambridge, Cornwall, Richmond, and in the Moretown-Middlesex area and completing the Bennington Bypass.