The Illinois State Toll Highway Authority, after getting a toll hike increase slapped down earlier this year, is looking at borrowing money to help delay or phase in toll increases.
Although borrowing the money would increase the overall costs, possibly as much as doubling them, it also would spread the burden to future drivers who would share the benefit of new roads, say toll officials.
The authority is also extending its 15-year, $5.5 billion plan to reconstruct the tollways to 20 years. It will consider ways to include a south extension of the North-South Tollway (I-355).
The board has never before borrowed money through bonds to pay for reconstruction work, relying so far on toll revenue to maintain the roads. Tollway projections show the tollway will not have enough money to maintain its system by the end of 2004, unless it raises tolls.
In March, a proposed toll hike brought a storm of protests from lawmakers, the public, and Gov. George Ryan.
Although borrowing the money would increase the overall costs, possibly as much as doubling them, it also would spread the burden to future drivers who would share the benefit of new roads, say toll officials.
The authority is also extending its 15-year, $5.5 billion plan to reconstruct the tollways to 20 years. It will consider ways to include a south extension of the North-South Tollway (I-355).
The board has never before borrowed money through bonds to pay for reconstruction work, relying so far on toll revenue to maintain the roads. Tollway projections show the tollway will not have enough money to maintain its system by the end of 2004, unless it raises tolls.
In March, a proposed toll hike brought a storm of protests from lawmakers, the public, and Gov. George Ryan.
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