The commission agreed in principle to extend to the NTTA a line of credit that would be available if the NTTA needs help making payments on bonds it plans to issue to pay for the new roads. Revenues from those roads are expected to be more than enough to pay off the debt, but the line of credit from the state would provide a safeguard for lenders and reduce the NTTA’s borrowing costs.
The commission will vote February 25th on a final agreement to extend the line of credit, and the NTTA board meets February 26th to make a final decision on Highway 161.
NTTA is still about $300 million short of the funds necessary to build the Southwest Parkway, but officials expressed hope that those funds will be found by the time construction could begin, late this year.
