Gov. M. Jodi Rell last week announced an economic stimulus package involving the sale of $525 million of bonds for statewide infrastructure projects.
“With each passing day of this national recession, it becomes abundantly clear that Connecticut cannot wait for federal stimulus money to put our own economy back on track,” Rell said in a press release. “But what we can do — and must do — is undertake this special effort to invest in those projects that will help jump-start our recovery.”
Rell pushed the stimulus package as a means to boost employment and to relieve localities of $310 million in school construction costs. The measure also includes more than $35 million for major road and bridge repair and commuter rail improvements, $135 million for wastewater treatment, and assistance for manufacturers.
“Municipalities are under tremendous financial burden and their leaders face the difficult decision of cutting services or raising taxes. This money will help ease some of those pressures,” Rell said.
The governor said she expects the bonding to be approved by the State Bond Commission at its Jan. 30 meeting.
The package would include general obligation debt, special tax obligation bonds for transportation projects, and bonds sold under the state’s clean water revolving fund credit.
The bond package announced last week would include a $4 million bond issue for the design of a second parking garage at Union Station in New Haven.
Rell made the announcements as she readies her fiscal 2010 and 2011 budget proposal, which needs to close an $8 billion budget gap. She will release her budget proposal on Feb. 4 and will then have to tackle a current-year deficit of $921.9 million.