(BLOOMINGTON) - Indiana plans to issue $250 million in bonds to help pay for construction of the latest segment of Interstate 69.
The Evansville Courier & Press reports that the developer chosen to build the stretch of highway from Bloomington to Martinsville will repay the tax-exempt bonds.
The bond documents estimate the total cost of the project at $370 million, with the state paying $80 million up front and making annual payments to I-69 Development Partners to maintain the highway for 35 years.
The project will upgrade Indiana 37 to interstate standards.
It's part of the I-69 extension that will connect Indianapolis and Evansville.
The state is expected to issue the bonds this month, and construction could begin later this year.
The road is expected to open in 2016.
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