HARTFORD, Conn. (AP) - Gov. Ned Lamont has signed into law a long-awaited borrowing package, which includes key funding for Connecticut cities and towns.
The bill easily cleared the General Assembly on a bipartisan vote on March 11, despite criticism from some Republican legislators that the deal negotiated between the Democratic governor and legislators spends too much.
“From investments in local education to capital projects to long overdue improvements in our state’s infrastructure, this bond package makes smart investments, all while holding the line on borrowing and maintaining our commitment to being fiscally responsible,” Lamont said in a written statement.
Lamont has said Connecticut needs a “debt diet,” arguing that curtailing borrowing by nearly 40%, to less than $1 billion annually, will ultimately boost economic growth. But Senate Republican Leader Len Fasano of North Haven noted the legislation authorizes $1.55 billion in fiscal year 2020 and $1.52 billion in fiscal year 2021 for projects such as school construction, local aid and infrastructure improvements.
The state averaged nearly $1.6 billion in annual bond authorizations when former Democratic Gov. Dannel P. Malloy was in office. Max Reiss, Lamont’s spokesman, noted that authorizations in this proposal, depending on the type, are down 11% to 19% compared to Malloy’s tenure.
The borrowing bill, which includes funding for numerous municipal projects, was supposed to have been passed during the last legislative session. However, it got tied up in the debate over highway tolls.
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