Dover, Delaware - Appearing before a legislative subcommittee on Wednesday, Delaware Transportation Secretary Shailen Bhatt reiterated his commitment to fiscal responsibility.
Secretary Bhatt says DelDOT recently stopped borrowing to pay for construction projects. And, this year's refinancing of a $250-million bond saved Delaware taxpayers about $28-million in debt service (the amount interest owed by taxpayers to investors who purchase the bonds). If DelDOT continues to operate without borrowing, the agency could save up to $5-million per year for the next five years, the Secretary said.
"We are taking steps to put ourselves on a financially stable course,"said Secretary Bhatt.
More good news: Secretary Bhatt says the State Transportation Trust Fund is expected to bring in $520.8-billion in Fiscal Year 2012
Secretary Bhatt says DelDOT recently stopped borrowing to pay for construction projects. And, this year's refinancing of a $250-million bond saved Delaware taxpayers about $28-million in debt service (the amount interest owed by taxpayers to investors who purchase the bonds). If DelDOT continues to operate without borrowing, the agency could save up to $5-million per year for the next five years, the Secretary said.
"We are taking steps to put ourselves on a financially stable course,"said Secretary Bhatt.
More good news: Secretary Bhatt says the State Transportation Trust Fund is expected to bring in $520.8-billion in Fiscal Year 2012
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