Thruway Authority borrows $700 million for new Tappan Zee Bridge

September 12, 2013 5:17:02 AM PDT
New York's Thruway Authority board is agreeing to borrow $700 million to keep the Tappan Zee Bridge replacement project under way as federal officials continue to consider providing a billion-dollar loan.

The Thruway Authority will borrow $500 million to repay a loan it took out in February to keep the project moving. That loan must be repaid by the end of September. The Thruway Authority is also borrowing $200 million to cover its cash flow on the project to replace the busy Hudson River crossing north of New York City.

An authority spokesman said Wednesday the interest to be paid by the authority is less than 1 percent.

The Obama administration has been supportive of New York's chances for a $1.5 billion loan to fund the $3.8 billion bridge replacement.