{Charleston, West Virginia}...West Virginia state lawmakers are now considering a proposal for a $1.5 billion bond for road construction. In his pitch last week at the State Capitol, state Transportation Secretary Paul Mattox said that bond could generate enough money for 17 road and highway construction projects in West Virginia, including the completion of Corridor H. Tom Witt, the Director of West Virginia University's Bureau of Business and Economic Research says things have changed in Congress, and West Virginia is not going to get the earmarks of the past, so a proposal to generate money for road construction projects in the Mountain State with a bond makes sense. Right now, money for the work partly comes from the Road Fund which state officials estimate is now buying two thirds of what it could have paid for in 2004. Most of what goes into the Road Fund comes from the state gas tax, about 30 cents for every gallon. To pay off a $1.5 billion bond the state would need to come up with between $65 million and $75 million each year for the next 30 years. That money could come from increased fuel taxes, higher registration fees charged through the Division of Motor Vehicles or other methods tied to drivers. Governor Earl Ray Tomblin vetoed legislation to raise DMV fees last year.Monday, January 16, 2012
Lawmakers Considering Road Bond
{Charleston, West Virginia}...West Virginia state lawmakers are now considering a proposal for a $1.5 billion bond for road construction. In his pitch last week at the State Capitol, state Transportation Secretary Paul Mattox said that bond could generate enough money for 17 road and highway construction projects in West Virginia, including the completion of Corridor H. Tom Witt, the Director of West Virginia University's Bureau of Business and Economic Research says things have changed in Congress, and West Virginia is not going to get the earmarks of the past, so a proposal to generate money for road construction projects in the Mountain State with a bond makes sense. Right now, money for the work partly comes from the Road Fund which state officials estimate is now buying two thirds of what it could have paid for in 2004. Most of what goes into the Road Fund comes from the state gas tax, about 30 cents for every gallon. To pay off a $1.5 billion bond the state would need to come up with between $65 million and $75 million each year for the next 30 years. That money could come from increased fuel taxes, higher registration fees charged through the Division of Motor Vehicles or other methods tied to drivers. Governor Earl Ray Tomblin vetoed legislation to raise DMV fees last year.