Gov. Ned Lamont helped to hand out more than $1.3 billion on Tuesday by voting to have the state borrow money to pay for various infrastructure projects, state grant programs, improvements at a mental health center in Bridgeport and a new train station in Enfield.
In total, the State Bond Commission, which Lamont leads, agreed to fund more than 50 different projects, programs and initiatives — some of which were championed by state lawmakers who are heading into a campaign season next year and are eager to bring home financial wins to their district.
The more than $1 billion in spending that was approved Tuesday will be financed through state revenue and general obligation bonds, which Connecticut officials market to Wall Street investors and will eventually need to repay with interest.
Connecticut frequently relies on that type of borrowing capacity to finance school construction efforts, capital projects at state universities, transportation upgrades, building maintenance projects, land preservation deals and the smaller community projects that often benefit state legislators. This week’s meeting marked the third bond commission gathering this year.
State legislators largely control the first step in the borrowing process by adopting a two-year bond package, but after that, the governor and the executive branch get to decide what gets funded and when.
Author(s): Andrew Brown
Publication Date: 21 Dec 2021
Publication Site: CT Mirror