Culver to Rollout $750 Million Dollar Bonding Plan Next Week
At a town-hall meeting at the Old Capitol in Iowa City, Chet Culver announced that he would be rolling out a $750 million bonding proposal next week.
Culver said the $750 million is needed to help rebuild Iowa and would be targeted for use in the most distressed areas of the state. While details of his proposal are not yet known, he did say that $250 million would go towards road and bridges, and $170 million would go to previously committed projects.
The other $330 million would be used on projects like Hancher Auditorium, which Culver wants to become “the best auditorium in the nation.”
Culver plans to pay for his bonding proposal with $50 million of gambling revenues for the next 20 years. According to Culver, Iowa receives $600 million in gambling revenues each year. He stated that Iowa is currently ranked 48th in the nation when it comes to debt load, and if we tripled our current debt load, that ranking would remain unchanged.
Culver justified this move away from pay-as-you-go infrastructure funding by saying, “cities and counties bond all the time.”
About the Author
Craig Robinson has written 502 stories on this site.
Craig Robinson serves as the founder and Editor-in-Chief of TheIowaRepublican.com. Prior to founding Iowa's largest conservative news site, Robinson served as the Political Director of the Republican Party of Iowa during the 2008 Iowa Caucuses. In that capacity, Robinson planned and organized the largest political event in 2007, the Iowa Straw Poll, in Ames, Iowa. Robinson also organized the 2008 Republican caucuses in Iowa, and was later dispatched to Nevada to help with the caucuses there. Robinson cut his teeth in Iowa politics during the 2000 caucus campaign of businessman Steve Forbes and has been involved with most major campaigns in the state since then. His extensive political background and rolodex give him a unique perspective from which to monitor the political pulse of Iowa.
One Comment on “Culver to Rollout $750 Million Dollar Bonding Plan Next Week”
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First he spends us into a hole and uses all the cash we have.
Now he wants to borrow more because he is out of cash to spend.
I hope Mari doesn’t let him have the credit card at home.