State Approves Higher Tolls For Truckers
INDIANAPOLIS -- Truckers will soon be paying a higher price to travel on the Indiana Toll Road.
The Indiana Finance Authority on Thursday approved a deal with the company that operates the Indiana Toll Road, allowing a 35-percent fee increase for large trucks. The deal is part of Gov. Eric Holcomb's plan to spend an additional $1 billion on infrastructure projects across the state.
The rate increase goes into effect on Oct. 5. It applies only to trucks with three or more axles.
Under the deal, the Indiana Toll Road Concession Co. will pay the state $1 billion over the next three years.
The agreement comes with a letter of credit, meaning banks have guaranteed that Indiana will receive its payments, Indiana Public Finance Director Dan Huge said Thursday.
A payment of $400 million is due when the rate increase kicks in on Oct. 5.
Gov. Holcomb has already said how he wants the money to be spent:
- $600 million to speed up completion of the I-69 extension project
- $190 million for projects on U.S. Highways 20, 30, and 31
- $100 million to improve rural broadband access
- $90 million to improve biking and hiking trails
- $20 million to lure new direct flights to the state's airports
Gov. Holcomb says the new fee won't apply to passenger cars and will bring Indiana's tolls "in line with what nearby states charge."
(Photo by Meinzahn/iStock/Getty Images Plus.)