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Posted inCT Viewpoints

Intelligent bonding necessary for Connecticut’s welfare

This year the state borrowed approximately $2.7 billion by way of bonding – a lot money no matter how you look at it. As a matter of fact, it is the most the state has ever bonded. The cost of this year’s bonding is around $8,350,000 per annum in interest.Intelligent bonding is a necessary part of efficient working and modern government. When all is said and done, when you include the jobs created, resulting new tax revenue, and the like, the state bonding at 3.07 percent should result in a handsome profit.

Posted inMoney, Politics

Partisan debate heats up as state’s credit card nears its limit

Gov. Dannel P. Malloy drew criticism this year when he warned Wall Street investors he would boost state government’s effective credit card limit by 40 percent this year. But if the State Bond Commission approves all of the financing Malloy has proposed for next week’s meeting, the governor will have used up 95 percent of his self-imposed credit limit – with five months still to go in the calendar year.

Posted inMoney

Malloy to Wall Street: Expect state borrowing to jump 40 percent this year

Gov. Dannel P. Malloy recently warned Wall Street the state plans to increase borrowing dramatically over the next year. But while Connecticut uses borrowing primarily to finance capital projects, Republican legislative leaders fear the planned spike also signifies that a disturbing trend of borrowing to cover day-to-day expenses will get worse.

Posted inMoney, Politics

GOP wants to team up with Democratic treasurer to rein in ‘bond premiums’

Republican legislative leaders hope they have a key Democratic ally in their fight to reform state budget practices tied to borrowed funds. Both Treasurer Denise L. Nappier, a Hartford Democrat, and nearly a half dozen GOP lawmakers have said they want to restrict how the state uses proceeds from bonds sold at premium rates.