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.