BEREA, Ohio (AP) — Higher tolls on the Ohio Turnpike over the next decade will back $1 billion in bonds that will help pay for northern Ohio road projects.
Tolls will increase 2.7 percent a year to pay for work that would otherwise face years of delay because of lower revenue at the Ohio Department of Transportation.
The (Cleveland) Plain Dealer (http://bit.ly/1bQIe5v ) reports that the turnpike commission is expected to approve the toll increases at a meeting July 15. The bonds are expected to be issued in August.
The $1 billion bond issue will include $70 million toward the replacement of the turnpike’s 60-year-old concrete base. The work is expected to last 25 years and cost a total of $1.2 billion.
Information from: The Plain Dealer, http://www.cleveland.com