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Board approves $200M highway revenue program to fund Henderson Interchange, other projects
Summary
The board approved up to $200 million in Highway Improvement Revenue bonds—Series 2024C ($150M) and Series 2024D ($50M)—pledged with motor vehicle fuel taxes and fuel revenue indexing to partially fund the Henderson Interchange and I‑515 MSE Wall rehab; NDOT staff said they have some flexibility in project allocation but noted long‑term concern about EV adoption and fuel-tax revenue adequacy.
The State Board of Finance voted unanimously Aug. 8 to authorize NDOT’s Fall 2024 highway financing program, approving Highway Improvement Revenue Bonds Series 2024C (up to $150,000,000) and Series 2024D (up to $50,000,000) for a combined program of approximately $200 million to partially fund the Henderson Interchange and regionally significant projects. Deputy Treasurer Cari Eaton said the issuances are pledged with proceeds of motor vehicle fuel taxes and any appropriate federal highway aid credited to the State Highway Fund, and the NDOT Board previously approved the resolutions on July 16.
NDOT’s Felicia Denney told the board the two series were separated because the $50 million issue uses fuel revenue indexing as part of its pledged revenue, while the $150 million issue uses State Highway Fund excise-tax revenue. Member Benjamin Edwards asked whether increasing electric vehicle adoption would affect fuel tax revenues; Denney said NDOT expects revenues will be adequate to cover the bonds while acknowledging longer‑term concerns for the highway fund, and that indexing statutory provisions limit rate reductions while bonds on the indexed revenue remain outstanding. Both highway series were approved unanimously.
