Rhode Island Transportation Bonds, Question 3 (2000)
The following language appeared in the Rhode Island Voter Information Handbook:
Summary from the Voter Information Handbook: Approval and issuance of these bonds will provide funds to the Department of Transportation to match available federal funds for improvements to the State's highways, roads and bridges and to purchase buses for the Rhode Island Public Transit Authority's fleet.
How much money will be borrowed? $62,510,000
How will the money be spent?
$60,000,000 will be used to match federal highways funds to fund improvements to the State's highways, roads and bridges.
$2,510,000 will be used to purchase buses for the Rhode Island Public Transit Authority's fleet.
Project Timetable: The program to improve highways, roads and bridges is expected to commence in July, 2001 and be completed by June, 2003. The purchase of the Rhode Island Public Transit Authority buses is expected to commence in January, 2002 and be completed by June, 2004.
The Department of Transportation estimates that the useful life of the highway, road and bridge improvements will be approximately 10-30 years, depending on the type of improvements made. The Rhode Island Public Transit Authority estimates that the useful life of the buses purchased will be 5-12 years.
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