ODOT says $246M bond is a refinancing; warns years of debt will shrink bridge program capacity
ODOT officials told the Joint Interim Committee on Transportation Oversight that a $246 million highway user tax revenue bond sale is refinancing short‑term debt and estimated the agency could face roughly $65 million in additional annual debt service when several large projects are fully financed — likely reducing bridge replacements from about three per year to roughly one.
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Travis Brower, deputy director for revenue and finance at the Oregon Department of Transportation, told a legislative oversight committee that a recently completed highway user tax revenue bond sale of about $246 million is not new spending but a refinancing of short‑term borrowing used on the I‑205 Abernathy Bridge.
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