The speed limit will be decreased from 55 miles per hour to 45 miles per hour starting just south of Kentucky 245 and extending northward to the existing 35 mph zone at the Salt River Bridge in Shepherdsville.
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Hardin County Schools and the graduate receiving financial aid will enter a contractual agreement to teach at the school district for at least three years.
Officials said the project would need to be approved by the city and funded by the state before any construction work could start.
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The interchange was formally announced last December and construction has been ongoing since.