The Indiana Finance Authority via Indiana DOT expects to sell $250 million in tax-exempt Private Activity Bonds in early July as the senior debt piece of a $373-million availability payment project financing to upgrade 21 miles of I-69 near Bloomington.

The untolled highway is the fifth segment of an Interstate-upgrade project that has been under construction for years. It will be built under a $317-million design-build contract by Isolux Corsan LLC, an arm of Spanish developer Corsan-Corviam Construccion, S.A. I-69 is its first U.S. P3 project and was won at a price well below its competitors.

Design is by AZTEC Engineering Group, Inc./ TYPSA. Isolux will maintain the road during the 35-year service period at a budgeted cost of $3.35 million.