Transportation commission extends trunk-line bond authorization for Rebuilding Michigan program to Dec. 31, 2026
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Summary
The commission authorized a one-year extension of the resolution permitting issuance and sale of state trunk-line bonds tied to the Rebuilding Michigan program. MDOT has issued $2.8 billion in three tranches and has $706 million remaining authority under the original resolution.
The State Transportation Commission voted to extend the authorization window for state trunk-line bonds tied to the Rebuilding Michigan program, moving the resolution's expiration to Dec. 31, 2026.
Patrick McCarthy briefed the commission that MDOT has issued three tranches of trunk-line bonds totaling $2.8 billion and that $706 million of the original authorization remains. He said MDOT anticipates issuing the remaining bonds in late spring 2026, timing dependent on program cash flow and market conditions.
The commission discussed the financial management rationale for extending the resolution. Chair Mike Hayes described the extension as a prudent management step to allow issuance when market and cash-flow conditions are favorable.
Commissioner Turner moved to extend the resolution; Commissioner Brown supported the motion. A roll-call vote recorded all four commissioners present voting yes: Chair Mike Hayes, Commissioner Turner, Commissioner Brown and Commissioner Schultz. The resolution passed 42000200.
Officials said the extension is intended to preserve flexibility for MDOT and the State Treasury to time bond issuance for market advantage and program needs.