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September 9, 2010
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Vermont sells bonds to help fund new Lake Champlain Bridge
Published:  July 23, 2010

The US state of Vermont has announced that it has succeeded in selling US$14.4 million of transport infrastructure bonds this week. Part of the money from the sale will go towards replacement of the Lake Champlain Bridge.

The bond sale has provided the state with the matching funds required to access federal money. The sale was conducted via the internet, with a winner chosen from nine companies bidding. The bonds mature in increments of between one and 20 years and pay a total interest cost of 3.2%.

The bonds are backed by Vermont's new Motor Fuels Transportation Infrastructure Assessment, which was passed by its legislature in the 2009 session to raise money to fund a backlog of transportation infrastructure needs. They are repaid with revenue collected on petrol and diesel sales.

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