Bond Sales Help MDOT “Fix the Damn Roads”
Last week, the Michigan Department of Transportation signed off an $800 million bond issue. This is part two of the $3.5 billion Rebuilding Michigan program aimed at rehabbing crumbling freeways in the state.
The Michigan State Transportation Commission authorized the department to issue and sell $3.5 billion in bonds backed by state trunkline revenues in January of 2020.
The bond sale has been successful and both the Governor’s Office and MDOT leadership are proud of the payoff. MDOT Director Paul C. Ajegba said, “The latest bond sales and favorable market reaction underscores the wisdom of the bond sales.”
Governor Gretchen Whitmer revisited her campaign promises saying, “Investments in infrastructure are a priority for my administration, and I am proud that we are fixing the damn roads without an increase at the gas pump.”
The bond sales will help pay for the rebuilding or rehabbing of 122 major highways statewide. The rebuilding of I-69 is the only work in St. Clair County included in the Rebuilding Michigan Program.
Reporting for WGRT – Jennie McClelland