In the 2018 legislative session, the Legislature approved a bonding bill for infrastructure projects which attempted to use Environment and Natural Resource Trust Funds to pay the debt service on appropriation bonds. The Trust Fund, which receives lottery dollars, has never before been used to pay interest on infrastructure bonds.
FH 80 corrected this problem by refinancing the projects with regular state bonding. This correction 1) enabled important infrastructure projects to begin work, including the clean-up of a contaminated landfill in Andover and a number of municipal wastewater treatment projects, 2) saved the state millions of dollars because regular bonds are less expensive than appropriation bonds, and 3) protected the integrity of the Environmental and Natural Resources Trust Fund.
The Senate approved HF 80. The house also approved this bill and the Governor signed it into law.
What Would Happen?
A “Yes” vote means important infrastructure projects like the Andover landfill cleanup and wastewater treatment projects are financed with regular state bonds so they can move forward immediately. Also, the projects are less expensive because the state will receive lower interest rates and the integrity of the Environment and Natural Resources Trust Fund is protected.
A “No” vote means new wastewater treatment projects and the Andover landfill cleanup are delayed and the state risks paying millions more for expensive appropriation bonds. Also, the integrity of the Environment and Natural Resources Trust Fund is diminished.
How The Senate Voted
A “Yes” vote means important infrastructure projects like the Andover landfill cleanup and wastewater treatment projects are financed with regular state bonds so they can move forward immediately. Also, the projects are less expensive because the state will receive lower interest rates and the integrity of the Environment and Natural Resources Trust Fund is protected.
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