The Alabama Highway Authority is selling $730 million in bonds starting Thursday to fund 80 miles of the West Alabama Corridor project.
Bond proceeds will fund the conversion of 80 miles of U.S. Highway 43 and State Route 69 from Thomasville to Moundville, according to Fidelity.
The municipal advisor for the sale is PFM Financial Advisors LLC, and the bond counsel is Bradley Arant Boult Cummings.
"This project can be seen as economic development given that it's designed to serve the Black Belt which has been historically underinvested in. I would expect plenty of interest," Joseph Krist, publisher of Muni Credit News, told Fidelity.
The project is part of a West Alabama Highway project to create a four-lane highway from Mobile to Tuscaloosa. The project is supported by Gov. Kay Ivey but has been criticized by multiple state lawmakers for its cost and being only funded with state dollars.
"I've said it before the next governor is going to shut that project down because it has no federal matching funds on it and it's eating all of our gas tax money up. We're throwing good money after bad,” House Pro-Tem Chris Pringle (R-Mobile) said.
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