SC Department of Transportation debt free after making highway loan payments

The South Carolina Department of Transportation says they are debt free after completing payments on outstanding highway bonds and loans.

COLUMBIA, S.C. (WOLO)—The South Carolina Department of Transportation (SCDOT) announced they are debt free after completing payments on outstanding highway bonds and State Infrastructure Bank loans.

Following this repayment, the agency says they are in a better position to finance larger projects, like the reconstruction of I-526 between Mt. Pleasant and West Ashley.

SCDOT is now one of six state departments of transportation in the nation that have fully paid their highway bonds or loans.

In 2003, the agency was $1 billion in transportation debt— the funds were used to further large projects including the Ravenel Bridge and the widening of US-17 in the ACE basin.

SCDOT made annual payments up to $100 million since 2008.