Appendix B - Bond Bills
Bond Bills
Immediate Needs
On
March 23, 2007, the Governor approved a $1.8 billion immediate needs bond
authorization. The legislation provided for the completion of on-going
capital projects, federal funding for transportation projects and funding for
urgent capital investment needs of the Commonwealth including projects
related to state buildings, energy and environment, public safety, health and
human services, and transportation.
Transportation
On April 17, 2008, the
Governor approved a $1.6 billion bond bill for transportation improvements
which will leverage an additional $1.9 billion in federal
reimbursements. This legislation included $150 million for Chapter 90 grants
to cities and towns for local roads and bridges in fiscal 2009 and $700
million for certain mass transit improvements required as part of the state
implementation plan. On August 8, 2008, the Governor approved a second
transportation bond bill authorizing $1.445 billion for road and bridge
projects and other transportation-related capital investments.
Housing
On
May 29, 2008, the Governor approved a $1.275 billion affordable housing
bond bill which includes $500 million for the preservation and improvement of
the Commonwealth’s 50,000 units of state-owned public housing. The
legislation also provides authorization for various programs that subsidize
the development and preservation of privately owned affordable housing,
including $200 million for the Affordable Housing Trust Fund and $125
million for the Housing Stabilization Fund.
Life Sciences
On June 16, 2008, the
Governor approved legislation in support of the life sciences industry.
Among other initiatives and provisions relating to the Massachusetts Life
Sciences Center, the legislation authorizes borrowing $500 million over a
10-year period to fund capital investments and infrastructure improvements
around the state to support the life sciences industry.
Broadband
On August 4, 2008, the
Governor approved legislation creating a Massachusetts Broadband Institute
within the Massachusetts Technology Collaborative. The Institute is to
administer a new Broadband Incentive Fund, to be capitalized by general
obligation bonds in the amount of $40 million, to invest in long-lived,
publicly owned broadband infrastructure, enabling private firms to partner
with the state to connect the Commonwealth’s un-served and underserved
communities to broadband services.
Bridges
On August 4, 2008, the
Governor approved legislation authorizing $2.984 billion in Commonwealth bonds
to finance an accelerated structurally deficient bridge program. The program,
which was developed in collaboration with the State Treasurer, is expected to
finance over 250 bridge projects over the next eight years with approximately
$1.9 billion of special obligation bonds secured by a portion of the gas tax
and $1.1 billion of grant anticipation notes secured by future federal funds.
By accelerating the investment in bridges, the Commonwealth expects to
realize hundreds of millions of dollars of savings from avoided inflation and
deferred maintenance costs.
Higher Education
On August 7, 2008, the
Governor approved a $2.2 billion higher education bond authorization. The
legislation includes authorizations for new buildings, renovation projects
and capital improvements at each of the Commonwealth’s public higher
education campuses. Of the $2.2 billion total authorization, $1.2 billion
will be dedicated to capital investments at state and community colleges, and
$1 billion will be dedicated to capital investments at the University of Massachusetts. The authorized amounts are expected to be expended over a ten-year
period.
General Government
On August 11, 2008, the
Governor approved a $3.3 billion general government bond bill making targeted
investments in public safety, city and town facilities, state buildings, and
information technology systems. Included in the bill is authorization to
assist communities with local infrastructure needs, improvements to state and
county correctional facilities, improvements to court facilities throughout
Massachusetts and capital repairs, on-going maintenance and unforeseen
emergency capital needs at state office buildings and facilities. The
legislation also authorizes targeted infrastructure investments to spur economic
development in our communities. To enhance government services provided to
all citizens of the Commonwealth, the legislation includes funding to
modernize critical state information technology systems, including funding to
replace and upgrade the outdated and overburdened systems at the Department
of Revenue and the Registry of Motor Vehicles.
Energy & Environment
On August 14, 2008, the
Governor approved a $1.64 billion land, parks and clean energy bond
bill. This legislation includes funding for land protection and
acquisition and funding to enhance state parks and rebuild related
infrastructure. The legislation also includes authorization for new
programs to address environmental challenges.
top of page
