NDOT finance staff provided a detailed briefing Dec. 12 on bond-financing options and the department's recent issuance activity.

Staff reviewed prior activity (referenced as series 2025-8), credit ratings, and projected revenue-pledge rules that govern use of state-related revenues for debt service. The presentation noted past interest-rate experience on recent issues and explained that, under current assumptions, NDOT could provide for up to $200 million in additional issuance without exceeding statutory or internal policy limits.

Finance staff described constitutional and statutory constraints on revenue pledges and caps discussed in the briefing, noting the department intends to be conservative in timing and sizing of any issuance. Staff also outlined expected next steps for documents and signatures needed for execution of borrowings, and noted that any final issuance would return to the commission for authorization if required.

Commissioners asked follow-up questions about maturities, rating expectations, and how revenue pledges would affect pay-go versus financed projects. No final financing action was taken at the meeting; the briefing was presented for information and planning.