Rhode Island Gov. Gina Raimondo is scheduled to deliver her State of the State and budget address Tuesday night, with an expected focus on jobs and economic development.
Raimondo, in her second such address to the General Assembly in Providence, will renew her so-called RhodeWorks initiative, would establish a funding mechanism to repair Rhode Island's bridges through tolling commercial trucks and bonding against the toll revenue.
The American Society of Civil Engineers has ranked Rhode Island last among the 50 states for infrastructure condition. Last year's proposal passed the Senate but stalled in the House after trucking leaders complained that it unfairly targeted one industry.
Raimondo announced last week that federal funding would reduce the necessary amount of RhodeWorks bonding in half, to $300 million from $600 million, and that would cut interest costs by more than 65%. Her resubmitted legislation would also prohibit future tolling of other motor vehicles without voter approval.
"We can no longer afford the politics of procrastination," said Raimondo. "We need to invest more."
House Majority Leader John DeSimone, D-Providence, and Senate Majority Leader Dominick Ruggerio, D-North Providence, introduced the legislation. The Senate and House finance committees have scheduled public hearings for Wednesday and Thursday, respectively.
Regional Economic Models Inc., in a report for the state, said the toll revenue could generate $60 million per year. A separate study that analytics company HIS compiled for the Rhode Island Trucking Association disputed that estimate, saying the initiative would only pull in $24 million to $38 million annually.
Moody's Investors Service rates Rhode Island's general obligation bonds Aa2. Fitch Ratings and Standard & Poor's rate them AA.
