Highway commission OKs 2003 bond-financing list

The Missouri Highways and Transpor-tation Commission Jan. 23 authorized a bond-financing list of highway and bridge improvements worth $254 million for fiscal year 2003.

According to a news release from the Missouri Department of Transportation, that amount is the remainder of debt fi-nancing the commission expects to seek under existing law.

The list will be submitted to the legislature for approval.

The commission's action is a change from a decision earlier this month in which it agreed to present a plan to the General Assembly to issue up to $500 million in bonds.

At that time, though, the commission said it would issue only what was financially feasible.

"The current economic downturn, coupled with lower-than-expected transportation revenue, has forced us to reduce the amount requested for bond financing," said MoDOT Director Henry Hungerbeeler.

"Given our current financial situation, this will be the final list of projects MoDOT will accelerate with bonds. Our credit card is maxed out; without any new money, we can't afford any more debt," he added.

Hungerbeeler added that every project MoDOT has committed to, even those that don't appear on the 2003 bond-financing list, will be developed and constructed if new money becomes available.

The department's funding could be affected by many factors, such as additional revenue, a quick economic recovery and repeal of the sunset provision on 6 cents of the state's motor fuel tax, Hungerbeeler said.

"There also are other factors, such as what might be needed to respond to security concerns stemming from the Sept. 11 terrorist attacks," he added.

The commission is allowed to issue up to $2.25 billion in bonds through 2006 with a maximum of $500 million authorized per year as the result of a law passed in 2000, the release stated. The commission and the legislature have used that authority to issue $650 million in bonds to accelerate highway and bridge improvements in 2001 and this year. The 2003 list would bring the total in bond-accelerated projects to about $900 million.

Legislators will review the 2003 bond-accelerated project list. They can vote to reject the entire list, but they may not make specific revisions.