Senate Passes $1.165 Billion Bonding Bill
ST.PAUL, Minn. – After traveling more than 2,200 miles across the state and learning about hundreds of projects, it took just an hour of debate on the Senate floor before the $1.165 billion Bonding Bill passed by a vote of 47 to 17. The bill makes use of $846 million in General Obligation (GO) bonds and an additional $200 million in one-time cash leveraged from the state’s budget surplus. Senator LeRoy Stumpf (DFL-Plummer), Chair of the Senate Capital Investment Committee said he is happy about the final bill and thinks it will move Minnesota forward.
“This bonding bill invests in true infrastructure projects – housing, wastewater facilities, our roads and bridges, and economic development projects that we believe will help the entire state of Minnesota, from small communities to big cities,” said Sen. Stumpf.
Highlights from the Capital Investment bill include:
- $100 million in housing, the largest investment in history
- $448 million dedicated to business and economic development projects
- $22 million to the Lewis and Clark Regional Water System
- $128 million for roads, bridges and vital transportation infrastructure
- $240 million in higher education for MnSCU and the University of Minnesota systems.
“I’m really proud of our investments in housing in this bonding bill. We really saw a need all across the state for affordable housing, and I believe this money can make a real difference in the lives of thousands of Minnesotans,” said Sen. Stumpf.
Significant investments in both higher education and transportation were also among the key priorities in this year’s bonding bill. Sen. Stumpf highlighted the need for skilled workers in businesses across the state, he noted on the Senate floor how investing in technical colleges and universities will pay off in the long-run for businesses.
Also worth noting, the bonding bill meets the agreement made by leaders in the majority and minority last session and even goes further to accommodate priorities of Republican members including two of the three civic centers and the $22 million Lewis and Clark project in Southwest Minnesota.
For a breakdown of the bonding bill, to view the spreadsheet and to find more detailed analysis visit the Senate’s bonding webpage at Build.MN.