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Engineers say they hope construction for Exit 9 and a connector road to Alabama 150 and South Shades Crest Road should take 18-24 months and be completed by the end of 2027.
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The proposed design will include auxiliary lanes from the new interchange to exit 10, bridges over I-459, and ramp bridges over the railroad.
The city will receive $93.3 million but only have to borrow $85 million for three big projects, the underwriter said.
The council intends to use the money to help pay for a new I-459 interchange, an arts center and $20 million in Hoover Met Stadium improvements.
Potential projects to be funded by the bond issue include a new I-459 interchange, a new performing arts center and renovations to the Hoover Met.