At least one state program won’t need to ask the Legislature for more funding during the upcoming, budget-writing session.
Crossroads 2000, a massive road-building program started in 1997, received a pleasant surprise when accountants figured out it was good for another $230 million worth of bonding capacity.
“This wasn’t anticipated,” said Bryan Nicol, deputy director of highway operations for the Indiana Department of Transportation. “It means we can continue building projects on our schedule.”
In southwestern Indiana, Crossroads 2000 projects include improvements to Indiana Highway 66, Indiana Highway 37, U.S. Highway 231, U.S. Highway 41 and other roads.
Statewide, the Crossroads program has 104 projects. As late as last summer, lawmakers were told Crossroads would need more money in the 2002-2003 biennium budget.
But then Goldman, Sachs & Co. restructured the program’s existing debt until it came up with the estimated $230 million in extra bonding capacity, said Daniel Novreske, deputy director of the State Budget Agency.
