Agency: Department of Transportation
Purpose: The bonds are issued to finance the construction, reconstruction, and improvement of projects eligible for federal-aid highway funds.
- Pledged Revenues: The bonds are payable from all federal-aid highway funds received by the Department of Transportation that are legally available for the reimbursement of costs of eligible projects under Title 23 of the U.S. Code.
- Debt Service Reserve Fund: No debt service reserve fund has been funded.
- Lien Status: The bonds have a first lien on the pledged revenues.
- Additional Bonds Test: Additional bonds may be issued so long as the average pledged revenues for the two immediately preceding fiscal years are at least 500% of maximum annual debt service on the outstanding bonds and the bonds proposed to be issued.
Frequency: As capital needs dictate.