BEREA — Higher tolls on the Ohio Turnpike over the next decade will back $1 billion in bonds that will help pay for northern Ohio road projects.
Tolls will increase 2.7 percent a year to pay for work that would otherwise face years of delay because of lower revenue at the Ohio Department of Transportation.
The Plain Dealer reports that the turnpike commission is expected to approve the toll increases at a meeting July 15. The bonds are expected to be issued in August.
The $1 billion bond issue will include $70 million toward the replacement of the turnpike’s 60-year-old concrete base. The work is expected to last 25 years and cost a total of $1.2 billion.