Bond Commission Approves $570 Million in Borrowing
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.