Before the State House adjourned until January 3, it took final action on two bills which would authorize issuance of $6.2 billion dollars in new state bonds to support energy and economic development projects.
Senate Bill 1310 (Sen. Gordner, R-Columbia) provides for the repayment of monies loaned from the federal government to pay unemployment compensation. This includes authorization of $4.5 billion in state bonds to pay the debt, the largest in state history. The bill was amended on the House floor “to clear up internal inconsistencies”, and then passed by a 193 to 1 vote. The bill must return to the Senate for concurrence.
Senate Bill 1054 (Sen. Corman, R-Centre), the Capital Budget Act of 2011-12 (including RACP funds) authorizes more than $1.6 billion in new state borrowing. The bill passed by a vote of 119-75 after Budget Secretary Charles Zogby advised leadership that without the bill, many legislative initiatives and projects across the Commonwealth would go idle.
SB 1054 provides $1,662,000,000 for capital improvements, including:
- $935 million for buildings and structures,
- $10 million for furniture and equipment,
- $212 million for transportation assistance projects,
- $270 million for redevelopment assistance projects,
- $35 million for flood control projects, and
- $200 million for bridge projects.
This bill has since been approved by the Governor.