ST.PAUL – The 2013 Omnibus Bonding bill (HF270), estimated to create 22,800 jobs, was unveiled in the House Capital Investment Committee today. The bill allocates $800 million in general obligation bonds for statewide infrastructure improvements and invests in higher education, transportation, housing, economic development, clean water and wastewater systems.
“As Minnesota’s economy continues to recover, this bill will go a long way to helping put people to work while improving and preserving our critical statewide infrastructure repairs,” said Rep. Alice Hausman, chair of Capital Investment. “Many of these projects are shovel and paint-ready and can be started almost immediately.”
At a time when interest rates are at a record low, this borrowing bill will allow the state to stretch taxpayer dollars.
Some of the highlights of the Capital Investment Bill:
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Preserves and restores 108 year old iconic State Capitol building
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Protects natural resources – from International Falls’ Voyaguers National Park to the Big Lake Sanitary District to Albert Lea’s Fountain Lake
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Provides greater public safety through upgrades in flood mitigation, local roads and bridges, dam repair, housing and the St. Peter Security hospital.
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Invests in asset preservation – MnSCU, the University of Minnesota and state agencies will get needed asset preservation funds for critical repairs.
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Completes projects long past ready to go including civic centers in Mankato, Rochester and St. Cloud as well as the Minnesota Historical Society’s Oliver Kelly Farm and the Southwest Regional Sports Center in Marshall.
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Makes a big dent in backlog for crumbling wastewater systems, roads and bridges throughout the state.
Using the Associated General Contractors of America formula, it is estimated that 22,800 permanent, temporary and spin-off jobs will be created, giving a shot in the arm to our recovering economy.
“We have an obligation to preserve our important infrastructure in this state,” said Rep. Hausman. “This bill is regionally balanced, will create jobs and help push us out of recession.”
The bill is being detailed today in committee and will be debated and voted on at the committee hearing on Thursday.
Link to the bill:
http://www.house.leg.state.mn.us/comm/committee.asp?comm=88002