Massachusetts will invest $1.62 billion over the next three years in transportation infrastructure projects, as Gov. Deval Patrick yesterday signed into law an overall $3.5 billion bond bill to update roads, bridges, and tunnels throughout the commonwealth.
The $3.5 billion initiative includes $1.9 billion of matching federal dollars, with the state borrowing $1.62 billion of general obligation bonds to improve transportation infrastructure. The bonding could also spark employment as officials anticipate beginning construction projects this summer.
"These long-term investments will help address decades of neglect in infrastructure by rebuilding roads and bridges, while creating thousands of jobs in every corner of the commonwealth," Patrick said in a press release. "Along with the streamlining reforms announced today, we want to rebuild the public's confidence in government's ability to deliver projects in a safe and timely manner."
While the federally aided portion of the bill includes $1.9 billion of funds from Washington and $508 million of state GO borrowing, lawmakers decreased Massachusetts' non-federally aided roadway and bridge project bonding to $226.4 million from Patrick's initial $800 million request, according to Jay Newsome, House director for the Joint Committee on Bonding, Capital Expenditures, and State Assets. The total state roadway bonding also includes $155 million in local aid for transportation needs.
Public transportation projects will receive roughly $734 million of bond proceeds for extension plans and repair work.
The governor filed his transportation bond bill in late November. Last week, Patrick submitted an additional $3.8 billion borrowing plan to support bridge upgrades in the next eight years. That initiative requires restructuring $366 million of outstanding debt and using future borrowing capacity in years 2017 through 2028 within the next eight years.
