Michigan’s State Transportation Commission (STC) approved a fifth amending bonding resolution under Gov. Gretchen Whitmer’s Rebuilding Michigan Program, focused on rebuilding state highways and bridges that are critical to the state’s economy and carry the most traffic.
On this week’s Talking Michigan Transportation podcast, Patrick McCarthy, director of finance at the Michigan Department of Transportation (MDOT), explains the action.
The resolution, supported by all six members, amended resolution accurately reflects actual total costs of completed and upcoming construction projects from $3.5 billion to $4.3 billion.
Initially approved by the STC in 2020, up to a maximum of $3.5 billion of bonding principal were authorized. Together with the initial principal, any associated premium received from investors and interest earned may be used to fund the program.
