BRADENTON, Fla. – Virginia Gov. Terry McAuliffe plans to include a $2.43 billion bond package with his budget to finance key capital projects for research and economic development infrastructure.
McAuliffe said that his spending plan for fiscal 2018 will be presented to General Assembly finance committees on Dec. 17.
The proposed bond package will represent the largest research-oriented capital investment in the Commonwealth's history as well as the largest state investment in Virginia's state parks, state officials said.
"The bond package I will include in my budget will provide funding for targeted projects that will all contribute to our efforts to grow and diversify our Commonwealth's economy," McAuliffe said in a release.
While there were no details about the type of bonds the state plans to issue, McAuliffe said his focus is using bond proceeds to strengthen research and workforce development in high-demand fields at Virginia's four-year institutions of higher education and community colleges.
Bond proceeds will also be used to fund various projects such as those that benefit veterans, state parks, juvenile correction centers, the Port of Virginia, Chesapeake Bay wastewater treatment systems, and state facility maintenance.
"If we are going to build a new Virginia economy, we must make smart investments in research, higher education, veterans, public safety, tourism, and environmental stewardship that will yield returns for decades to come," McAuliffe said.
Additional bonds are expected to be announced for transportation projects.
Last month, McAuliffe said he would propose issuing up to $3.5 billion of bonds for capital needs and transportation while speaking about the importance of the muni market at the annual meeting of the Securities Industry and Financial Markets Association in Washington, D.C.
The Virginia General Assembly's annual session starts Jan. 13 and runs through March 12.
