Michigan could issue $40 million of one-year debt to secure up to half the necessary funds to avoid losing $475 million in federal highway funds next year. The proposed transportation budget includes $84 million needed to avoid losing the federal money.
About half of the matching funds would come from notes, according to a report in Crain’s Detroit Business. Lawmakers are still debating the proposal, particularly the borrowing aspect, Crain’s said.
The Legislature is expected to complete the budget over the next several days. A vote on the transportation budget could come as soon as this week.