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Bond Financing for Transportation Programs
The Michigan Department of Transportation has authority to issue bonds for a variety of transportation programs. Bond financing allows the department to advance projects so users can enjoy the social and economic benefits sooner. Bonding for improvements with a significant useful life spreads the project costs to the users over a longer period of time.
Economic Benefits
Bond financing allows the department to advance projects and complete them more quickly than with cash financing only. Economic benefits of a project are realized sooner, creating a stimulus to the state's economy. The current bond program takes advantage of historically low interest rates which offsets the inflation cost of delaying projects to future years. Refinancing existing debt with lower interest rates increases the funding available to carry out the department's other priorities.
Bond Programs
- State Trunkline Fund Bonds
Date Rated Moody's S&P Fitch April 2015 N/A N/A AA October 2015 Aa2 AA+ N/A - Comprehensive Transportation Fund Bonds
Date Rated Moody's S&P Fitch April 2015 N/A N/A AA June/July 2015 Aa2 AA+ N/A - Grant Anticipation Bonds
Date Rated Bond Series Moody's S&P Fitch July 2016 Series 2007 A2 AA N/A July 2016 Series 2009B A2 AA N/A July 2016 Series 2016 Refunding A2 AA N/A S&P affirmed July 2016 ratings during September 2017.
Reports and Policies
- Bond Principal Outstanding at 9/30/17
- MDOT Annual Financial Report
- Michigan Transportation Fund (MTF) Revenue Trends
- Flow of State Transportation Tax Revenues - 2018 Appropriated
- Flow of State Transportation Tax Revenues - 2017 Actual
- Transportation Funding Bills
- Michigan Transportation Fuel-tax Rates since 1925
Debt Service Coverage
Resource Links
Contact
- Michigan Department of Transportation
Financial Operations Division
425 West Ottawa Street
Lansing, MI 48909
Phone: 517-373-1527