MDOT's Bonding Information
Data, including any documents, obtained on the Michigan Department of Transportation (MDOT) web pages is for informational purposes only. Any information provided is not intended to replace any information or consultation provided by a professional financial advisor and is not intended to be the basis of nor should it be relied upon in making an investment decision.
Bond Financing for Transportation Programs
MDOT has authority to issue bonds for a variety of transportation programs. Bond financing allows the department to advance projects so users can enjoy the social and economic benefits sooner. Bonding for improvements with a significant useful life spreads the project costs to the users over a longer period of time.
Bond financing allows the department to advance projects and complete them more quickly than with cash financing only. Economic benefits of a project are realized sooner, creating a stimulus to the state's economy. The current bond program takes advantage of historically low interest rates which offsets the inflation cost of delaying projects to future years. When conditions arise, refinancing existing debt with lower interest rates increases the funding available to carry out the department's other priorities.
MDOT Current Offerings
STF Offering Par Amount STF Series 2021 A&B $854,185,000 Tax Exempt
- State Trunkline Fund Bonds
Date Rated Moody's S&P Fitch Current as of August 2020 Aa2 AA+ N/A Current as of April 2015 N/A N/A AA
S&P affirmed the AA+ rating on STF bonds outstanding.
Fitch affirmed the AA rating on the STF series 2004 bonds in March of 2019.
- Comprehensive Transportation Fund Bonds
Date Rated Moody's S&P Fitch Current as of April 2015 N/A N/A AA Current as of June/July 2015 Aa2 AA+ N/A
Fitch affirmed the AA rating on the CTF series 2009 bonds in March of 2019. S&P affirmed ratings during Oct. 2018.
- Grant Anticipation Bonds
Date Rated Moody's S&P Fitch Current as of July 2016 A2 AA N/A
S&P affirmed July 2016 ratings during Sept. 2017.
Reports and Policies
- Bond Principal Outstanding at Sept. 2020
- MDOT Annual Financial Report
- MTF Revenue 2001-2021 (Estimated).1
- Flow of State Transportation Tax Revenues - 2021 Appropriated
- Flow of State Transportation Tax Revenues - 2020 Actual
- Transportation Funding Bills
- Per-Gallon Historic Tax Rates Michigan
- Michigan Transportation Revenue Estimates
Financial Operations Division
425 W. Ottawa St.
Lansing, MI 48909