Senate passes $1.1 billion borrowing bill

03/04/2008

By MARK BRUNSWICK,
Star Tribune
March 4, 2008


The Minnesota Senate overwhelmingly passed a $1.1 billion state borrowing bill today, setting the stage for fast-track negotiations between the Senate, the House, and Gov. Tim Pawlenty.

The three different versions of the measure, which is often used to fund state construction projects and stimulate jobs, contain roughly the same amount of money. But the menu differs slightly in who gets funding.

A House version continues to filter its way through committees and is expected to be voted on by the end of the week.

The Senate measure passed 51-7 with little debate. Sen. Keith Langseth, DFL-Glyndon, chairman of the Capital Investment Committee, said the bill comes at the best time, both for struggling contractors interested in bidding for state work and for taxpayers worried about a souring economy.

"It helps to turn around the economy to have these people working," Langseth said. "It's the best time to be selling these bonds and constructing these projects. Doing it during booming times means the price is going to be considerable higher."

Key provisions in the bill include $134 million for the University of Minnesota, including $48.3 million for a science center; $200 million for Minnesota State Colleges and Universities; $70 million for Central Corridor Light Rail Transit; $40 million for the Duluth entertainment center known as the DECC; $22 million for a Bemidji regional events center; and $30 million for Itasca County for public infrastructure to support Minnesota Steel expansion.

Mark Brunswick • 651-222-1636