Frankfort, KY – All 120 counties and 419 cities will get a piece of the $75 million in road bond money authroized by the just completed general assembly.
Though the announcement Wednesday from Governor Fletcher's office said the money was released, the bonds have not yet been sold and the money will not be in the hands of local highway officials until later in the spring or summer. Fletcher spokesman Doug Hogan said the money would be available in time for the construction season.
Financing for the bonds is coming from a penny increase in the gasoline tax made permanent by the legislature. The one cent initially was added last year by a function of the gas tax, which increases along with the wholesale price of gas. While the penny could also be reduced from the tax if the price declined, the legislature voted to make it permanent.
The money was distributed based on a formula for road miles and travel that has long been in place for counties and cities.