House lawmakers heard testimony Wednesday on their $825 million bonding bill for state public works projects.
Minnesota Management and Budget Commissioner Myron Frans told legislators, “We take a careful look at all the bonds that we have outstanding; whenever we can get a lower rate, we refinance those bonds and we’ve saved over $300 million in interest just in the last seven years. That adds up to $10 to $20 million in savings over the overall debt which we think helps lend support for doing a larger bonding bill.”
Governor Dayton is proposing $1.5 billion for projects statewide and calls the Republican bill “woefully inadequate.” Republicans disagree and say their bill focuses on key infrastructure repairs.
The Senate is expected to release its bonding proposal any day.