Authority OKs short-term bonds for new NY span

Authority OKs short-term bonds for new NY span

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NEW YORK (AP) - The New York State Thruway Authority board has approved issuing $500 million in short-term bonds to jump-start construction of a new $3.14 billion Tappan Zee Bridge.

The board agreed to issue the bonds at its monthly meeting on Thursday. The bonds will be used to pay for initial project costs during the next six months.

The authority said the money would be paid back with a U.S. Department of Transportation loan the state hopes to secure in the coming months.

Last week, the state comptroller and attorney general approved the bridge contract between the Thruway Authority and Tappan Zee Constructors.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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