The Trucker By The Trucker News Staff June 7, 2022
WASHINGTON — The U.S. Department of Transportation (USDOT) has announced that its Build America Bureau has provided a low-interest, long-term loan of $41.55 million to the Oklahoma Department of Transportation (ODOT) to finance 49% of the $85.97 million in eligible costs for the Rural Two-Lane Advancement And Management Plan (RAAMP).
The bureau helps communities across the country reduce the costs of infrastructure projects by providing Transportation Infrastructure Finance and Innovation Act loans, known as TIFIA loans, as well as other types of financing. Under the Rural Projects Initiative (RPI), the loan is for nearly half the project costs instead of the customary 33%, according to a news release.
“The project will provide significant safety improvements, one of the primary objectives of RAAMP,” the news release stated.
The project is a compilation of eight rural projects that will add nearly 27 miles of 8-foot shoulders and asphalt resurfacing as well as 6.4 miles of roadway reconstruction. The projects are located in Harper, Kingfisher, Pontotoc, Caddo, Pittsburg, McClain, Bryan and Ellis counties.
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