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TRANs bonds to Fund More High Priority Projects
Economic conditions were ripe for the Colorado Department
of Transportation's most recent bond issuance. CDOT sold $100
million of callable revenue anticipation notes in the second
week of August. The 13- and 14-year bonds sold out within
two hours.
They were sold in denominations of $5,000.
"The response was so great, the initial offering sold
out within one hour," said CDOT Executive Director Tom
Norton. "We re-priced, lowering the interest rate by
three basis points, and finished the entire issuance within
two hours."
The average interest rate for the new issue is 4.68 percent.
The bond proceeds will be used with other federal and state
dollars to fund the following high-priority projects:
The second to the last phase of work to untangle and improve
the I-25/US 36/I-270/I-76 junction in the north Denver metro
area. This project will build a new flyover ramp from southbound
I-25 to eastbound I-270. Cost: $26.4 million. Start date:
late 2003.
The final phase of widening US 50 between Grand Junction
and Delta. This project will widen US 50 to four lanes from
Escalante Road to G-50 Road in north Delta. Cost: $12.3 million.
Start date: early 2004.
The continued reconstruction and concrete white-topping
of US 287 from Wiley Junction north 9.2 miles. Cost: $12.7
million. Start date: October 2003.
The next phase of work on US 160, between Wolf Creek and
South Fork. This safety project includes a 1.5-mile stretch
of US 160 from west of Lonesome Dove east. It will include
the construction of climbing lanes, acceleration/deceleration
lanes, shoulders and other improvements to bring the highway
up to current design standards. Cost: $26 million. Start date:
late 2003.
The last phase of improvements to Berthoud Pass. This project
will reconstruct and widen the final two miles of US 40 over
Berthoud Pass from Berthoud Falls west. Cost: $24 million.
Start date: spring 2004.
Continued work on Powers Boulevard in Colorado Springs.
This project will complete the Powers Boulevard extension
to connect north to State Highway 83. Cost: $15 million. Start
date: early 2004.
I-70 west upgrades. This project will complete lighting
improvements through the Eisenhower Tunnel and also install
additional variable message boards for improved traffic management.
Cost: $14.5 million Start date: early 2004.
Continued work on I-25 south. Work will reconstruct the
Castle Pines interchange, build a park n- ride lot and replace
the railroad bridge on I-25 in Castle Rock. Cost: $22.4 million.
Start date: early 2004.
Preconstruction requirements for I-25 North. This
funding will allow for right-of-way acquisition, continued
design and utility work in anticipation of future improvements
to the north I-25 corridor between Denver and Fort Collins.
Cost: $10.5 million.
CDOT Releases Second Quarter 2003
Construction Cost Index
For the second quarter, the Colorado Department of Transportation's
Construction Cost Index category indices showing an increase
were earthwork, hot bituminous pavement, concrete pavement,
structural concrete and reinforcing steel. The index level
for structural steel is below the average for 2002.
Fifty-one projects were bid and awarded this quarter for
a total of $60,037,939.77. By comparison, 66 projects were
bid last quarter. The six categories for CCI items totaled
$25,466,231.54, which is 42.4% of total awarded amount.
The competition for projects decreased from 5.41 to 4.57
bidders for each project on average.
Fourteen maintenance contract projects were bid and no metric
projects were bid this quarter. No design-build or lump-sum
projects were bid this quarter.
The index is composed of six indicator items and based on
bid prices relative to the unit prices of 1987 (unit index=100).
Earthwork (Excavation and Embankment): The average price
was $10 a cu yd, up $5.77 from the previous quarter. The
current quarter average price includes many small mountain
projects, resulting in significantly higher prices. The
previous quarter average price is comparable to the average
bid price of $3.74 a cu yd for the entire year 2002.
Hot Bituminous Pavement: The average price was $43.68
a ton, up $18.76 from the previous quarter. Small quantities
and less competition on asphalt projects bid this quarter
led to higher prices. The previous quarter had good competition
on large asphalt projects, which contributed to a lower
bid price.
Concrete Pavement: The average price was $43.68 a sq yd,
up $18.76 from the previous quarter. The current quarter
had two large remote bridge projects, which resulted in
a high average price. The previous quarter average price
was comparable to the average bid price of $24.81 a sq yd
for the entire year 2002.
Structural Steel: The average price was $0.31 a lb, primarily
because of a very competitive bid on a project in Region
5 that was significantly below the average price of $0.78
for the entire year 2002. There were no structural steel
items in the previous quarter.
Structural Concrete: The average price was $327.84 a cu
yd, up $44.59 from the previous quarter. The current quarter
had many small specialty bridge projects that resulted in
a high average. The previous quarter average price was comparable
to the average bid price of $285.35 a lb for the entire
year 2002.
Reinforcing Steel: The average price was $0.62 a lb, up
$0.05 a lb from the previous quarter. The higher price is
reflective of the smaller projects and less competition
during the current quarter.
For the entire report, go to www.dot.state.co.us/App_eema_cdb/CCI03q2.pdf
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