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The Oregon Transportation Commission on Thursday approved a resolution authorizing action to refinance nearly $300 million in short-term borrowing as long-term debt to cover spending on Abernethy Bridge improvements.

Bonds will be sold in the first quarter of 2026 for 20 years of long-term debt.

For the 2025-2027 biennium, the Oregon Department of Transportation received authority from the Oregon Legislature to issue up to $850 million in bonds for the I-5 Rose Quarter Improvement Project and the I-205 Improvements Project (including the Abernethy Bridge). The timing and amounts of these bond sales will be based on actions by the commission to fund these projects and will be based on the cash flow needs of the projects, a staff report states.

ODOT鈥檚 Highway User Tax Revenue Bond Program is secured by and payable solely from specific pledged revenue sources such as commerce and compliance revenues (weight-mile taxes and road use assessment fees), fuel tax revenue (motor vehicle fuel, use taxes, and road use charges), and DMV revenues (vehicle title and registration fees and driver license fees).

The resolution passed Thursday focuses on the Abernethy Bridge work and provides authority for ODOT to issue bonds in an aggregate principal amount not to exceed $300 million during the 2025鈥�2027 biennium, consistent with the provisions of the biennial bond bill (SB 5505). Proceeds of this sale will be used to refund ODOT鈥檚 short-term commercial paper debt, which was issued to pay for the project.

Daniel Porter, administrator of ODOT鈥檚 finance and budget division, said the agency expects to issue around $250 million in bonds, which will be repaid via bridge/seismic funds allocated in House Bill 2017.

鈥淲e borrowed $293 million to date with short-term borrowing exclusively for the Abernethy Bridge project,鈥� Porter said. 鈥淎t this point, we have a total capacity of short-term borrowing of $400 million.鈥�

The $293 million will become long-term debt. ODOT will start over with short-term debt for Abernethy Bridge, potentially for Phase 1A of the I-5 Rose Quarter Improvement Project, and possibly for some of the Salem Center Street Bridge seismic retrofit.

Other funding possibilities will be brought before the commission as needed. The other one most likely to come for approval is general obligation bonds for $250 million for the Interstate Bridge replacement project, Porter said.