The public finance option for the I-66 managed lanes project in Virginia got real recently with the introduction of a bill by Del. Chris Jones that would provide a full state guarantee for up to $1.5 billion in tax-exempt toll revenue bonds in a way that would not affect the state’s debt ceiling.

To issue the bonds, Gov. Terry McAuliffe would first be required to approve the traffic and revenue forecast, which would probably come in 2018, his final year in office.