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Transportation Bank Proposal Would Fund Va. Road Projects

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Virginia Governor Bob McDonnell is using money left over from last year's budget to create a transportation bank to help finance stalled local road projects. He initially announced plans to do so in September. Friday, he asked state legislators to draw the first $150 million in funding from unspent balances and budget savings.

The so-called infrastructure bank was created as a way to take money from McDonnell's proposed sale of the state's liquor monopoly and use the proceeds to offer low-interest loans to localities for highway projects.

The bank is part of a $4 billion transportation plan that McDonnell outlined last week.

The governor wants to borrow about $3 billion of that total.

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