The Department of Transportation closed on an $800 million bond issue, marking the first installment in Governor Whitmer’s $3.5 billion Rebuilding Michigan program. The bonds will cover the cost of rebuilding some of the state’s most highly traveled freeways. The State Transportation Commission authorized the sale of $3.5 billion in bonds in January, backed by state trunkline revenues.
Total proceeds will be $1.017 billion from the $800 million in bonds closed. The all-in true interest costs are 2.727%. The maximum annual debt service maintains 6.4% coverage against revenues, well above the four times coverage required by the State Transportation Commission policy.
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