CHICAGO — A new independent study on a controversial plan to build a publicly funded bridge in Michigan says proposed bond covenants would protect state taxpayers if toll revenues fall short of expectations, but that interest rate costs could push the price tag past $4 billion.

The study, by the Anderson Economic Group LLC, says current legislation authorizing the bridge would protect taxpayers and shift risk instead to either the Canadian government or to financial guarantors backing the bonds, depending on the final structure of the debt and toll-setting power.

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