DETROIT — Michigan has sold $185 million in bonds to help Detroit pay for an overhaul of its public lighting system.
The Michigan Finance Authority says it sold the bonds today on behalf of the Public Lighting Authority.
The state agency says the long-term, fixed-rate bonds will go to pay off $60 million in interim financing sold in December 2013.
The interim financing has let the municipal agency install 9,000 high-efficiency LED streetlights. The state says the bonds will allow the installation of the remaining 55,000 planned lights.
Gov Rick Snyder says in a statement that the lights are “an essential component to revitalizing Detroit.” He says they’re important to public safety and a sign of “the real improvements happening in the city every day.”
Lighting authority: http://www.pladetroit.org