Tappan Zee Bridge Loan Expected To Go Through

The New York State Thruway Authority is set to approve a $700,000,000 short- term loan at a meeting Wednesday at 3:00 PM. The loan will be used to repay the original $500,000,000 loan that the authority borrowed in February and to make payments to the construction company, Tappan Zee Constructors. The state is waiting to hear about the 1.5 billion dollar Federal loan that they requested, which is expected to go through as soon as October. When the loan is approved the Thruway Authority will also release a plan for a new toll system to help fund the bridge that they are working on. According to Thruway spokesman, Dan Weiller, officials are making progress on the debt and it will have to be repaid by December 31. He did not make a statement on whether or not future toll rates will be included in the repayment plan.

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