The Delaware Department of Transportation said it completed a successful Delaware Transportation Authority bond sale on April 26, providing $75 million in funding for capital projects at a true interest cost of 2.67 percent.

Transportation Secretary Jennifer Cohan said: "The rating agencies have given us high marks for a sound and well-managed financial plan. This latest bond sale comes at an opportune time because the interest rates to pay back this money are favorable."

The announcement also said the bond sale "affirmed the importance of the excellent bond ratings the department has received from [debt rating firms] Standard & Poor's and Moody's." The bonds were affirmed as AA+ by Standard & Poor's, and Aa2 rating by Moody's Investors Services, DelDOT said.

DelDOT said those transportation system senior revenue bonds were issued to provide funds for DelDOT's capital transportation program, while it will use another $41 million of bond proceeds to refund outstanding higher-cost bonds and save the department more than $3.2 million in scheduled debt-service payments.

DelDOT said both rating agencies also assessed a "stable" outlook for the state's transportation system revenue bonds, based on the strength and diversity of pledged revenues and limited anticipated future borrowing, which suggests that coverage of anticipated debt service will remain satisfactory.

They also cited Delaware's strong commitment to its transportation program, which includes the state's willingness to enhance transportation-related revenues statewide to support capital and infrastructure investments.

DelDOT said the solid ratings also reflect the diverse mix of pledged revenues that has contributed to revenue stability even during poor economic conditions, the Transportation Authority's strong historical and projected debt-service coverage, rapid amortization of debt outstanding and a clearly articulated capital transportation plan.

Today's top stories

New Bridges Part of Iowa's $114M Madison Avenue Project

Eagle Bridge Co. Works On Final Leg of U.S. 35 Upgrade

Fay Preps Way for Pittsburgh International Airport Modernization Project

SAKAI Achieves Record Sales, Production

Takeuchi Recognizes Top Dealers at 2024 Dealer Summit

Muddy Water Dredging Christens Marlin Class Dredge

Indiana Officials Mark Start of 2024 Construction Season, Promote Safety

Leica Geosystems Launches its First Machine Smart Antenna — Leica iCON gps 120