Iowa’s governor-elect, Terry Branstad, last week said he wants to halt spending associated with outgoing Gov. Chet Culver’s Iowa Jobs capital program.

Branstad, who beat Culver in the Nov. 2 election, added he would not try to halt projects that have already received a funding commitment.

The treasurer’s office said in published reports it was unlikely any spending could be halted, since the state is holding tax-exempt bond proceeds for the projects.

Iowa earlier this year sold $180 million of tax-exempt special obligation bonds for IJOBS. Last year it sold $600 million.

Culver won legislative support for the program, promoting it as a means to create jobs by funding shovel-ready water, sewer, and other projects and rebuilding infrastructure damaged by severe floods and storms in 2008.

The bonds are secured by gaming revenue and carry a backup pledge of liquor taxes. They also carry a moral obligation pledge from the state to cover any shortage in the debt-service reserve fund in the event that pledged revenues fall short.

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