Compromise could provide $800M for SC roads

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by The Associated Press

WCNC.com

Posted on June 17, 2013 at 4:45 PM

COLUMBIA, S.C. (AP) -- Legislators say a tentative agreement could provide up to $800 million for road and bridge work across South Carolina. 

A three-part compromise approved Monday by a panel of House and Senate members would put up to $141 million in state taxes toward infrastructure in the next fiscal year.  

The legislation specifies that $50 million would go the State Infrastructure Bank to fund major projects through borrowing, and $41 million from the state sales tax on vehicles would repair secondary roads. It would use up to $50 million in surplus money for bridge repair.  

Borrowing and federal highway matches could push the total to more than $798 million. 

The Senate's Republican and Democratic leaders agree the infrastructure compromise was critical for reaching an agreement on the overall budget for 2012-13.  
 

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