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Government


Ohio Turnpike tolls are going up nearly 3 percent a year for the next decade
Turnpike commission has approved the toll hike to help fund construction bond sales
by WKSU's KEVIN NIEDERMIER


Reporter
Kevin Niedermier
 
Courtesy of State of Ohio
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In The Region:

The Ohio Turnpike Commission today unanimously approved issuing $1 billion in bonds, and boosting tolls to help fund it.

Bond-sale revenues will be used for highway construction projects in Northern Ohio. Starting Jan. 1, tolls will increase 2.7 percent annually for the next 10 years.

Gov.John Kasich pushed for the toll increase and bond sales to help improve the state’s highways, roads and bridges. The Ohio Department of Transportation will decide what projects get funding. Ohio Turnpike Executive Director Rick Hodges says the money should start flowing in next month.

LISTEN: Hodges on railroad projects

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“We're looking forward to pricing the bonds hopefully by the end of this month with closing sometime in the middle of August and the money being immediately available after that," said Hodges.

Hodges noted that Greg Murphy, the assistant director of the Ohio Department of Transportation, expects "projects ready for recommendation in the next 60 days.”

The turnpike bonds have received A-plus ratings from three major credit-rating agencies. The construction funds are expected to create more than 60,000 jobs.

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