Senate Bonding Bill: A Balanced Approach to Investment in Minnesota
The Senate recently released its bonding bill comprised of $850 million in borrowing and $200 million in cash. More than $3.3 billion worth of bonding requests were submitted. The Senate Capital Investment Committee spent the interim traveling the state learning more about many of the projects.
The bonding bill makes significant investments in business and economic development, with $411 million dedicated to projects that will help get people back to work and invest in Minnesota’s communities. Housing and infrastructure improvements were also a priority in the bill, the largest single investment in housing in history. Similarly, investments in waste water facilities, sewers and water mains will continue helping cities operate on a day-to-day basis.
Infrastructure improvements at college campuses across Minnesota were also a high priority in the bonding bill. The Capital Investment Committee made dozens of stops at higher education institutions across the state, each one with its own set of bonding project requests. A total investment of $298 million in higher education means we are helping provide students the learning environments and equipment necessary to prepare them for the careers that will keep Minnesota prosperous.
Minnesota has the fifth-largest highway system in the nation with 140,000 miles of roads. These roads represent three-quarters of the state’s publicly-owned land. Many of these roads and bridges are more than 50 years old and require significant improvements, these facts helped prompt the $168 million investment in transportation and transit funding.
Ensuring that Minnesota’s citizens enjoy a safe and productive standard of living helps round out the five key areas of investment in the Senate Bonding Bill. Improvements at Minnesota Correctional Facilities will enhance the safety and security for both the community and inmates, as well as rectifies more than 10 years of budget cuts and delayed maintenance.
The next step is bringing the bill to the Senate Floor and working to secure a three-fifths majority vote. Bonding projects benefit communities across the state by investing in infrastructure needs and creating thousands of jobs.