Board approves up to $550 million for interstate improvements
The South Carolina Transportation Infrastructure Bank Board (SCTIB) voted unanimously to approve a project list that provides up to $550 million in funding for a mix of both construction and design work on the South Carolina's Interstate Highway System at its meeting in Columbia on Tuesday, November 12, 2013. The funding is the result of Act 98 that was passed by the General Assembly during its 2013 session.
The General Assembly will allocate $50 million per year to the South Carolina Department of Transportation (SCDOT). SCDOT will turn that funding over to the SCTIB Board for the approval of projects and the sale of bonds. The proceeds from those bonds will be used to both fund projects and to leverage additional federal funding for the approved list.
The funding list approved by the SCTIB Board on Tuesday includes the following:
Following the unanimous vote to approve this option, Chairman Leonard expressed his thanks to the SCTIB Board and the SCDOT Commission and staff who worked together to bring about a widespread distribution of interstate improvements around the state. "This list of projects will accelerate much-needed infrastructure improvements for our highway system that will provide the opportunity for enhanced economic development and safer roads for all who travel our interstates," said Leonard.
SCDOT Chairman Johnny Edwards, who also serves as a member of the SCTIB Board, acknowledged the cooperation between the SCTIB and SCDOT and he expressed his thanks to the General Assembly. "We appreciate the efforts made by the legislature in 2013 to take significant measures to increase the funding for much-needed interstate improvements, "said Edwards.
Chairman Leonard is scheduled to present the approved list to the Legislative Joint Bond Review Committee for final approval on December 4, 2013.