STC approves resolution updating total construction project costs for state highway bonding

LANSING, Mich. - Today, the State Transportation Commission (STC) approved a fifth amending bonding resolution under Gov. Gretchen Whitmer's Rebuilding Michigan Program, which is focused on rebuilding state highways and bridges that are critical to the state's economy and carry the most traffic. The amended resolution accurately reflects actual total costs of completed and upcoming construction projects from $3.5 billion to $4.3 billion.

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.

"Many state highway construction projects and improvements have been completed thanks to the Rebuilding Michigan Program," said STC Chair Heath Salisbury. "Approving this proposal helps take the remaining projects to the finish line without increasing the initial bond principal."

Bonds are used as a vehicle to finance new and modified road construction projects across the state between 2020 and 2027, while accelerating many others. This financing is aimed at advancing fixes that result in longer road life and improve the condition of the state's infrastructure to achieve the trunkline pavement performance goal of 90 percent in "good or fair" condition. In addition, this strategy allows the Michigan Department of Transportation to address key corridors and rebuild major segments of highly travelled interstates.