The North Carolina Department of Transportation (NCDOT) has procured $242.5m through selling of bonds to finance road construction projects across the state.

The 12-year bonds are called grant anticipation revenue vehicles, on which NCDOT will pay an interest at 3.36%.

The current amount in conjunction with $282m from NCDOT borrowed through bonds in 2007 will fund a total of 49 road projects around North Carolina.

NCDOT chief financial officer Mark Foster said the state will save $100-$200m on the projects with the current procurement.

“Constructions would be delayed by many years if the state had to wait for future federal funding to accelerate projects,” Foster added.