Thruway Authority to issue bonds to start Tappan Zee Bridge construction
WHITE PLAINS - The New York State Thruway Authority Board yesterday approved issuing short-term bonds of $500 million to jump-start construction on the new Tappan Zee Bridge.
That money will have to be paid back, and the state is hoping a federal loan will help it do that. The federal money would pay a major share of the span's $3 billion price tag.
In the meantime, the financial infusion from the bonds will cover initial project costs during the next six months.
The board also voted to allow the state to start testing all-electronic tolls at some existing toll barriers in the Hudson Valley, clearing the way for the new Tappan Zee Bridge to be cashless if the testing is a success.