Connecticut’s Bond Commission approved $650 million in state borrowing on Tuesday. The money is to be used for a number of projects including transportation improvements, relocation of some state offices, and setting up a loan program for minority-owned businesses.
Governor Ned Lamont, who chairs the Bond Commission, says Connecticut needs to borrow the money to help the economy.
“Some of the crisis of yesterday doesn’t just go away because we had a COVID crisis. PFAS, remember the forever chemical, we are now putting in place processes to deal with that as part of this. Crumbling foundations, there still is impact there. And we are honoring our commitment.”
$20 million was approved to complete the state’s $80 million commitment to the Crumbling Foundation Fund. $5 million was approved for a low interest loan program for minority-owned businesses. $111 million was allocated for transportation related projects and $200 million for school construction projects.
Republican members of the commission had opposed some of the borrowing. They say the state should not be adding debt during the pandemic.
