MOBILE, Ala. (WALA) – Alabama on Thursday sold revenue bonds to investors on Wall Street, raising the money necessary to build a bridge over the Mobile River to relieve pressure on the Wallace Tunnel.
The state also has finalized an agreement with the federal government for low-interest loans that officials said are crucial to paying for the six-lane bridge and expanding the Bayway by an additional lane in each direction. Officials expect a formal announcement by the U.S. Department of Transportation on Friday. But Alabama Department of Transportation spokesman Tony Harris indicated that the project is a go.
“I can confirm everything is on track to close, with construction of Phase One fully funded,” he told FOX10 News via text message…