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Bond Commission Approves $570 Million in Borrowing

by Hugh McQuaid | May 30, 2014 1:07pm
(4) Comments | Commenting has expired
Posted to: Bloomfield, Branford, Bridgeport, Danbury, Falls River, Guilford, Hartford, Middletown, Plainville, Southington, Stratford, Torrington

The State Bond Commission released about $570 million in borrowing during a Friday meeting, including funding for a new courthouse in Torrington, state assistance for businesses, and bonding for projects sought by lawmakers.

The agenda passed during a quick meeting included four items for the new Litchfield Judicial District Court in Torrington, a project that has been languishing for nearly 40 years. All told, the commission authorized around $71 million for the project Friday.

The panel approved $300 million to finance the state’s share of payments on local school renovation and construction projects. It also authorized nearly $40 million for business assistance programs, including $10 million to refinance the Small Business Express program.

Lawmakers thanked Gov. Dannel P. Malloy, who chairs the commission and decides what appears on its agenda, for allowing the group to approve $9.86 million to help bankroll a host of small, local projects in towns including Bloomfield, Bridgeport, Torrington, Middletown, Burlington, Guilford, Hartford, Falls River, Branford, Danbury, Plainville, Southington, and Stratford.

The projects include things like improvements to local parks, building playgrounds, helping to fund renovations to a local Veterans of Foreign Wars facility, and money to help the town of Guilford engrave a piece of granite for a monument commemorating the 375th anniversary of the signing of the Guilford Covenant.

During the meeting Sen. Scott Frantz, R-Greenwich, asked Malloy whether the state would remain under the $1.8 billion “soft” bonding limit the governor had set for the year.

Malloy said expects it to be “within that range.” He said Friday’s agenda included more borrowing than a typical month because of the $300 million reimbursement for school projects and other projects that are ready to begin construction soon. He said he expects the Torrington courthouse to break ground as early as July.

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(4) Comments

posted by: DrHunterSThompson | May 31, 2014  7:00am

DrHunterSThompson

Same ole song and dance, huh? They borrow, we pay.  I gots the anxiety again, twist one up! All will be fine…...

HST

posted by: Noteworthy | May 31, 2014  11:47am

I always wonder if anybody ever raises a cautionary hand that with the state’s finances in such poor shape, and with our bonded debt so high already, that perhaps it would be a good idea NOT to rubber-stamp so much MORE debt?

posted by: Janster57 | May 31, 2014  5:02pm

Watching the state government spend money is not for the faint of heart. The state needs a courthouse in Torrington like I need an extra belly button. Those of us who remember history can take a look at the huge courthouse in Danielson which is generally empty.it was built to handle the overflow from Putnam (empty) and Willimantic (empty). We’re looking down the barrel of a $1.8 billion deficit and borrowed half a billion with one meeting. As an aside, anecdotally, the presiding judges at various courthouses are having difficulty putting the various new judges Mr. Malloy has named to work as the bulk of them had never been in a courthouse was until they put on the robe. Some of them haven’t practiced in years, if ever.Aside from the $150K salary, they get $100K a year for life with health and COLA’s. Yet another reason to move to Florida.

posted by: Common Sense | May 31, 2014  7:25pm

Another nail in Malloy’s political coffin on Election Day.