McDonnell approves $500 million in bonds for transportation

Gov. Bob McDonnell (R) announced today that he has approved borrowing nearly $500 million for statewide road and transportation projects that were part of a once-heralded 2007 package.

McDonnell also directed the Department of Transportation to sell $293 million worth of bonds in fiscal year 2011 and another $300 million in each fiscal year from 2012 through 2016.

The money will help fund projects across the state including two in Northern Virginia -- the Route 29 Gainesville Interchange on I-66 and the Dulles Metrorail project.

"In these difficult economic times and with our mounting transportation needs in the Commonwealth, it is important to use every tool available to maximize funding options for our roads, bridges, rails, and public transportation,'' McDonnell said in a statement.

The General Assembly passed the landmark transportation package in 2007 to pump $1.1 billion annually into transportation throughout Virginia with an emphasis on the state's two most congested areas. But the state Supreme Court ruled parts of it unconstitutional.

Former Gov. Tim Kaine (D) declined to approve the bonds during his administration -- first, because of pending litgation, and then later because of the poor economy.