RITBA will borrow $50m for bridges

NEWPORT, R.I. (WPRI) - The Rhode Island Turnpike and Bridge Authority is going to take out major loans for repair work on the Pell and Mount Hope Bridges over the next year or two, according to the Providence Business News.

This month, RITBA says it'll borrow $50 million from lenders. That cash will take care of part of the five year repair plans for the two bridges.

The bridge authority will borrow more for the repairs next year or the year after that.

The Mount Hope Bridge dates back to 1929, while the Pell Bridge opened back in 1969.