BRADENTON, Fla. — North Carolina Gov. Pat McCrory plans to ask legislators to approve $2.6 billion in separate bond programs to fix neglected state infrastructure and implement strategic transportation plans.
McCrory briefly outlined the financing measures during his State of the State address to the General Assembly Wednesday night in Raleigh, where lawmakers have been in session for three weeks.
The governor said he would back the $1.2 billion transportation revenue bond program that he had announced prior to session.
He told lawmakers that it is time to put financing in place now that the state has implemented a formula to take the "politics out of road-building" and strategically rank projects according to those most needed to relieve congestion, improve safety, and foster economic development.
Citing dirty and inoperative fountains in front of the Capitol as an example of neglect and apathy for routine maintenance needs, McCrory also announced a "$1.2 to $1.4 billion general bond proposal for Project Phoenix" to repair state-owned infrastructure.
Project Phoenix "will revitalize buildings that can be saved, tear down those that can't, and build new, workable and efficient facilities that will be points of pride, and help build economic development opportunities for their communities," McCrory said.
In a fact sheet accompanying his speech, the governor said many state buildings have broken heating and air conditioning, elevators that do not work, and asbestos insulation that needs to be removed.
"This is an excellent time for these bonds [as] interest rates are historically low," he told lawmakers, adding that the state has the "financial capacity" to invest in and maintain its infrastructure.
McCrory did not provide specifics of how the bond programs would operate during his speech, and his office would not provide details on Thursday, including who the governor would ask to file the bills.
"We will have more specific information coming out in the coming days and weeks about the specifics of the bonds," said McCrory's spokesman Ryan Tronovitch. "I would expect that as we get closer to budget time in the coming weeks."
The state's
The 43-page report said that the state's capacity to issue debt has improved in recent years, and that the general fund can support general obligation bond issuance of "nearly $700 million for each of the next 10 years."
The report also states that transportation funds are available to support more than $1 billion in revenue bonds.
"This report demonstrates that North Carolina has maintained a conservative posture on debt and has the ability to responsibly invest in its future," Cowell said. "It also underscores the importance of protecting the state's triple-A bond rating, which keeps the cost of financing projects low."
North Carolina is among several Southeast states considering transportation funding initiatives this year.
