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Legislative News and Views - Rep. Andrew Falk (DFL)

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HOUSE INTRODUCES BONDING BILL WITH FUNDING FOR LOCAL PROJECTS

Wednesday, April 2, 2014

The 2014 House Omnibus Bonding Bill was unveiled in the House Capital Investment Committee this week. Included in the bill is funding for several local projects. Representative Andrew Falk (DFL – Murdock) advocated for the projects in the Legislature.

“I have consistently been in support of a comprehensive bonding bill that puts people to work,” said Falk. “By reinvesting in our infrastructure, we create immediate jobs and economic stimulus in addition to building the foundation for continued economic prosperity.”

At a time when interest rates are still low, this borrowing bill will allow the state to stretch taxpayer dollars and boost job creation. Minnesota added more than 45,000 jobs during 2013, and currently has an unemployment rate of 4.8 percent.

“Being fiscally responsible means knowing when to invest wisely,” said Falk. “We have near historically low interest rates and building and labor materials costs are still often lower than anticipated.”

Local projects funded under the proposed bill include:
•    Flood Hazard Mitigation: Montevideo Levy Reconstruction - $2,700,000
•    State matching funds for EPA clean water grants, Sacred Heart - $1,091,025
•    State matching funds for EPA clean water grants, Maynard - $1,885,000

The bill, in total, allocates $850 million in general obligation bonds for statewide infrastructure improvements in higher education, transportation, housing, economic development, clean water and wastewater systems.  

Highlights of the Capital Investment Bill include:
•    Provides greater public safety through upgrades in flood mitigation, local roads and bridges, and dam repair.
•    Invests in asset preservation – MnSCU, the University of Minnesota and state agencies will get needed asset preservation funds for critical repairs.
•    Makes historic investments to address housing challenges across Minnesota.
•    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.
•    Makes a big dent in backlog for crumbling wastewater systems, roads and bridges throughout the state.

During the meeting, Rep. Hausman, Chair of the Capital Investment Committee, also unveiled the details of a separate bill that would make $125 million in cash investments.

The full $850 million bonding bill can be found here: http://www.house.leg.state.mn.us/comm/docs/a14-1037.pdf.

The $125 million general fund bill can be found here: http://www.house.leg.state.mn.us/comm/docs/a14-1038.pdf.