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$1.8 Billion Bond Approved for Texas Highway ConstructionThe Department of Transportation on Thursday granted Texas approval to award $1.8 billion in bond financing to the private developer selected to build State Highway 121 near Dallas, the Department of Transportation said.
Texas is the first state to receive approval for highway funding packaged as a tax-exempt “private activity bond,” the Department of Transportation said in a statement.
Under the terms of the application, the state will select a development partner for the Highway 121 project by early 2007 and return to DOT by fall to seek final approval for the funding.
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