Finance Blog number 1

February 28, 2009

Oregon Transportation Commission OKs 31 projects worth $122.6M

Filed under: finance — Tags: , , — Sun @ 3:09 pm

The Oregon Transportation Commission on Friday approved 31 projects with federal stimulus funding of $122.6 million.

The projects will be under contract by May. Two of the projects were approved by the commission on Feb. 18.

Gov. Ted Kulongoski thanked the commission for its prompt efforts to approve transportation projects across the state using under the federal American Recovery and Reinvestment Act.

“I applaud the speed at which the Oregon Transportation Commission and the Department of Transportation moved to get contracts out for bid, resulting in jobs Oregonians this summer,” Kulongoski said in a statement. “This is exactly the intent of the federal stimulus dollars and the jobs will mean everything to many Oregon families no fax pay day loan.”

The commission also approved a $10 million list of “Transportation Enhancement” projects, such as sidewalks and lighting, for funding provided by the federal legislation.

The federal funds contained in the American Recovery and Reinvestment Act, and directed to transportation infrastructure, are expected to be about $334 million for Oregon. Counties and cities receive their own allocation of about $100 million from the package, and have one year to obligate the funds. The state share of the funds is about $224 million.

With the remaining funds, the commission is expected to consider additional projects at it’s March 18 meeting in Salem. The commission hopes to have at least $190 million under contract by May to sustain jobs this summer.

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