CHARLESTON â Parkways Authority members on Thursday approved the sale of up to $333.63 million of road bonds, part of a 2017 law authorizing the sale of up to $500 million in Parkways bonds for road construction projects in 10 southern West Virginia counties.
It will be the second bond issue under the legislation, with the authority selling $172 million of bonds in 2018.
âWeâre estimating that weâre probably four to six weeks, conservatively, before we go to market,â Parkways executive director Jeffrey Miller told the authority during a meeting conducted telephonically.
Interest rates on the bonds, which are to mature in 2051, may not exceed 6%, although bond rates currently are much lower. The bonds are to be paid off with $25 million a year of revenue from increases in West Virginia Turnpike tolls that went into effect in January 2019.