The South Carolina Department of Transportation announced on Oct. 17 it was debt-free after making the final payment on its outstanding highway bonds.
The payment means the department has paid off all of its outstanding debt including State Infrastructure Bank loans. Money will now be directed toward saving money for investment into ongoing projects, the department said. The announcement makes South Carolina one of only six state departments of transportation in the country with no outstanding highway bonds or loans. In December 2021, the department made a one-time early repayment of loans to the State Infrastructure Bank, saving the department $9.2 million in future principal and interest payments.
