On the Malloy-Led Bond Commission Agenda: $233M in New GO BondsJune 1, 2018
More than a third of the general obligation (GO) bond amount scheduled to be approved is for the Department of Economic and Community Development, and will go to 15 businesses to keep or create jobs.
The State Bond Commission will meet on Friday to vote on approving up to $233 million in general obligation (GO) bonds, and up to $183 million in in revenue bonds (or other transactions), in a sign that the state will continue bonding even amid a regular cycle of budget crises and projected deficits.
The commission, led by Gov. Dan Malloy (D-Conn.), has dozens of items on its Friday agenda.
More than a third of the amount of GO bonds scheduled to be approved ($80.7 million) is for the Department of Economic and Community Development (DECD), and will go to 15 businesses to keep or create jobs in the state.
Top loans or grants include:
- $35 million to Electric Boat; the company “will retain 11,300 jobs and create up to 1,881 new jobs within seventeen years.”
- $9 million to PriceWaterhouseCoopers LLP; the comapny “will retain 946 jobs and create up to 400 new jobs within five years.”
- $6.5 million to FactSet Research Systems, Inc.; the company “will retain 900 jobs and create up to 150 new jobs.”
The bonding for DECD projects may come under new scrutiny at this meeting, given the agency has been overstating the jobs created by state-sponsored programs and understating the amount of tax money spent, according to a recent state auditors’ report.
Expect State Rep. Chris Davis (R-Ellington) to play his usual role as one of the few voices of fiscal restraint on the commission.
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