Gov. Chet Culver’s $700 million infrastructure plan involves 20-year tax-exempt state revenue bonds secured and repayed with approximately $56 million annually from gaming tax revenues.
The governor wants to create a Rebuild Iowa Infrastructure Authority to issue the bonds and appoint a five-member Rebuild Iowa Infrastructure Board.
According to the governor’s office:
HOW IT HELPS
This program will create jobs by investing in projects across Iowa:
- New, “ready to go” projects, such as: Housing, Trails, Highways, Roads, & Bridges, Mass Transit, Railways, Airports, Water Quality and Wastewater Treatment Improvements, Flood Control Improvements, Energy Infrastructure, Disaster-Relief Infrastructure, and Public Buildings
- Projects delayed by the tobacco securitization not being completed last year due to capital market disruption. Examples include: Community Colleges Infrastructure, CBC Residential Expansion, Community Treatment Resource Center, Iowa Correctional Institution for Women Expansion, Mt. Pleasant/ Rockwell City Kitchen Remodeling, Terrace Hill Maintenance, DHS-CCUSO Renovation, Capitol Complex Improvements, Lake Restoration Improvements, Iowa Public Radio, and Iowa Veterans Home Master Plan
As for the $43 million Culver wants the legislature to appropriate from the state’s emergency fund, $20 million would go to local government for property tax replacement; $10 million would go to the Jumpstart Assistance program to fill in gaps in federal aid; $5 million would go to non-profit assistance; $2 million would go to pay for the Rebuild Iowa Office to coordinate the day-to-day rebuilding plans; and $1 million would go to a skills training program.