CHICAGO - Iowa Gov. Chet Culver yesterday unveiled plans to create a new authority with the power to issue $700 million of debt in the coming years to fund sweeping infrastructure investments and other projects aimed at reinvigorating the state's struggling economy.

"In an effort to stimulate economic growth during this recession, create good private-sector jobs, and address unmet infrastructure needs, I propose the creation of the Rebuild Iowa Infrastructure Authority," Culver, a Democrat, said in his state of the state address yesterday.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.