New York plans to replace the aging Tappan Zee Bridge with a new $16 billion bridge and bus rapid transit system that would include commuter rail, the state announced Friday.

"The Tappan Zee Bridge is a vital link in the transportation network of New York state," Gov. David Paterson said in a press release. "Focusing on New York state's critical infrastructure needs must continue even during this challenging economic time, as these projects keep our economies strong and our state thriving."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.