And you thought your bills were going up? Just be glad you don’t have $500 million of debt with interest rates that fluctuate weekly. The Texas Department of Transportation does, and it’s paying through the nose as a result of Wall Street near-meltdown.
By far, most of the agency’s debt is in fixed-rate bonds payable over 20 or 30 years. That hasn’t been affected by the credit market.
But the department has four smaller loans with variable rates. Earlier this year, all four carried annual … [visit site to read more]
