Sale Closes for $800 Million in ‘Rebuilding Michigan’ Bonds

The Michigan Department of Transportation (MDOT) announced Thursday afternoon it has closed an $800 million bond issue.

The $800 million is the first installment in Gov. Gretchen Whitmer’s Rebuilding Michigan program.

The governor is seeking to raise $3.5 billion to repair and expand Michigan’s infrastructure after her plan to raise the state’s fuel tax by 45 cents a gallon became a legislative nonstarter and tremendously unpopular with voters.

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Michigan’s Gas Tax Hike of 45 Cents Likely Dead, Democrat Says, While Critics Point Out 24 Percent of New Revenue Would Not Support Roads

Gov. Gretchen Whitmer’s 45-cent fuel tax is likely out of gas, House Democratic Leader Christine Greig said, even as some attack Democrats’ statements that all of the $2.5 billion generated would be spent on roads.

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