BOSTON – The Patrick-Murray administration this month submitted to the Mass. Legislature a one-year, $1.5 billion Transportation Bond Bill that maintains transportation-related infrastructure investments through fiscal 2013.
According to a news release, the bill provides $200 million in Chapter 90 funds to cities and towns to rebuild and repair local roads and bridges. Chapter 90 funds for local projects included in the bond bill are allocated to each city and town using a longstanding formula based upon community road miles, population and employment.
Chapter 90 funds approved by the Legislature may be used for local road, bridge and multiuse path projects and related needs. The bond bill invests in state road, bridge and rail transportation projects that are funded by the state or by a combination of state and federal funds.
The bill also creates a State Infrastructure Bank to allow the state to leverage private investment for targeted economic-development-oriented projects. It would allow the state to encourage investment of private equity to construct infrastructure projects.
The bank, which would be governed by a 10-member board, could make loans financing energy, transportation and municipal development projects that lead to job creation and economic development. •