Georgia in June plans to sell between $90 million and $100 million of general obligation bonds as part of the financing for a $140 million highway designed to improve truck access at the Port of Savannah.
The bonds would be backed by state motor-fuel tax revenues.
The Georgia Department of Transportation plans to award a design-build contract for the project later this year.
The project would begin with right-of-way acquisition. Construction would start in 2013, with completion scheduled for 2015.
The 3.1-mile, four-lane extension of an existing parkway, called the Jimmy DeLoach Parkway Connector, would provide truck access between the port and Interstate 95. It would improve access for trucks using the port and relieve traffic on nearby roads for other vehicles.
Gov. Nathan Deal on Monday said that he endorsed the project.
“This is an investment in infrastructure that is crucial not just for the port, but for the entire economy of Georgia,” he said. “This roadway will help in the prompt delivery of valuable cargo to and from every corner of Georgia and, in turn, preserve and create jobs in our logistics and transportation industries.”
The General Assembly last year authorized GO bonds for the project. The Transportation Board last month approved a proposal to include bond financing for the parkway connector in next month’s sale.
State officials have been moving quickly to make improvements at the Port of Savannah, including harbor dredging to accommodate larger ships that will pass through the Panama Canal once an expansion project there is completed.
Georgia has already spent $100 million on the $600 million dredging project. The fiscal 2012 budget includes $32 million of GOs to support the undertaking.