(UNDATED) - The Indiana Finance Authority says it has sold nearly $244 million in bonds to help pay for construction of the latest segment of Indiana's Interstate 69 extension.
The Finance Authority says the private developer chosen to build the stretch of highway from Bloomington to Martinsville will directly repay the tax-exempt bonds.
The agency says I-69 Development Partners is investing more than $40 million on its own toward the project.
The project will upgrade Indiana 37 to interstate standards.
It's part of the I-69 extension that will connect Indianapolis and Evansville.
Construction could begin this year, with the section expected to open in 2016.
The state is paying $80 million up front and making annual payments to I-69 Development Partners to maintain the highway for 35 years.
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