Work to widen Kilpatrick Turnpike is expected to start in the spring NewsOK.com
Widened.Bids should go out for both projects in February or March, and construction should start in late April or early May, Damrill said.
Ridley said any money left over from the bond issue will go toward other construction projects.
The bond issue, which is to be paid off in 20 years, goes before the state Council of Bond Oversight for its approval next week.
Turnpike Authority members Thursday also approved engineering contracts for the projects. Each bid is about 4 percent of the project's cost.
Cobb Engineering will be paid $2.9 million to serve as construction manager on the Creek Turnpike project, and Poe & Associates will be paid $2.6 million to serve as construction manager on the Kilpatrick Turnpike project.
The authority also voted to refinance about $617.5 million of its bonds at a lower interest rate. The Turnpike Authority should save about $19 million, said Wendy Smith , the agency's director of finance and revenue. Part of the savings will help pay the payments of the bond issue for the Kilpatrick and Creek turnpikes.
More Refinancing Borrowers Opting for Shorter Terms in 3Q
(November 16, 2011) Over ninety-five percent of borrowers who refinanced their home loans in the third quarter of 2011 picked a fixed rate loan according to Freddie Mac’s Quarterly Product Transition Report regardless of whether their previous loan was a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM).
Borrowers also continued to take advantage of the historically low interest rates and shortened the term of their loans at even higher rates in the third quarter than they did in the second quarter.
Forty percent of the borrowers who refinanced a 30 FRM chose a 15-year or a 20- year mortgage to replace their original loan, the highest share of borrowers to do so since the second quarter of 2003, up from thirty-seven percent in the second quarter.
Read the whole story at LoanRateUpdate.com.
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