State bond commission issues $25 Million to address infrastructure crisis

State
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State Treasurer Lynn Fitch has a seat on the state bond commission. She issued a statement regarding the commission’s decision to issue $25-million in bonds immediately to address the statewide infrastructure crisis.

“Working with the Bond Commission, we are taking steps to get $25 million immediately out to begin repairs on closed bridges and other critical infrastructure projects.  And, we will issue another $25 million this summer to continue this important work.  The funds will be distributed through MDOT’s program for local roads and bridges, prioritizing projects by greatest need.  My office began work on creating the pipeline for these funds a week ago.  Yesterday’s vote by the Bond Commission was the final step to getting this money ready to hit the streets.

“The men and women who work for MDOT have been working with the counties and cities since the Governor’s emergency closure and they will continue to do so throughout this process.  They are the forgotten heroes here, keeping us safe and also helping our economy by improving Mississippi’s infrastructure, bridge by bridge and road by road.”

JACKSON, Miss – Top Mississippi officials approved the state’s borrowing $25 million to help repair or replace dangerous bridges.
  
Republican Gov. Phil Bryant, Democratic Attorney General Jim Hood and Republican Treasurer Lynn Fitch make up the state Bond Commission.
  
Legislators voted several weeks ago to give the commission permission to issue $50 million in bonds for bridges. The commissioners met Monday and voted unanimously to issue half of that. Bryant spokesman Clay Chandler said the other half could be issued in July.
  
The state issues bonds to finance big-ticket items, and the money is paid back over decades.

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