N.Y. Borrows $500 Million Privately to Fund New Tappan Zee
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The New York Thruway Authority privately sold $500 million in notes to fund construction of a new $3.1 billion Tappan Zee Bridge without a financial plan for the project, state Comptroller Thomas DiNapoli’s office said.
The cash will go toward paying the first $125 million bill due this month to the Fluor Corp.-led group that was selected to construct the span across the Hudson River, according to a letter from Deputy Comptroller Pete Grannis to the authority.