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Subcommittee hears overview of MDOT bond program, outstanding debt and borrowing limits
Summary
William Hamilton, fiscal agent with the Michigan House Fiscal Agency, told the Appropriations Subcommittee that MDOT uses revenue bonds secured by restricted transportation revenue and that the department has sold about $2.8 billion of a $3.5 billion authorization.
William Hamilton, fiscal agent with the Michigan House Fiscal Agency, told the Appropriations Subcommittee on State and Local Transportation that the Michigan Department of Transportation has used revenue bonds for decades to accelerate its capital construction program.
Hamilton said states commonly use bond financing for transportation and that Michigan has approximately $3 billion in outstanding transportation-related debt. He traced Michigan's bond sales back to 1919 and cited Public Act 25 of 1919 and Public Act 22 of 1950 as historical examples. He explained that the authority to issue bonds for state trunk line projects rests with the State Transportation Commission and that MDOT’s…
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