January 25, 2013 / 8:06 PM / in 5 years

Connecticut may borrow up to $1.8 bln in 2013 - governor

Jan 25 (Reuters) - Connecticut Governor Dannel Malloy said on Friday that the state could borrow up to $1.8 billion in 2013 to fund infrastructure projects, including school security upgrades after the deadly December shooting at Sandy Hook Elementary School.

Boosting security at the state’s nearly 1,200 public schools will be a multiyear project, with “some amount of money spent at just about every one of those schools,” Malloy said.

The state and the schools themselves would likely share the funding obligation for the upgrades, he said.

“We have too little information other than to know that there will be districts that will be earnestly interested in examining their security needs,” he said.

His remarks came during a televised meeting of the state’s bond commission, and at a press conference afterward.

Borrowing up to $1.8 billion is “not at all close” to the state’s bonding cap, Malloy said.

The state has allocated between about $900 million and $1.5 billion of bonds every calendar year for at least the past six years, Benjamin Barnes, secretary of the office of policy and management, said at the meeting.

The commission approved allocating nearly $580 million for a host of projects, most of which will be paid through new general obligation and revenue bonds. Connecticut’s fiscal year ends June 30.

Among other projects approved for bond funding were roadways, housing and technology, as well as a new $40 million parking garage and $75 million to replace a railroad bridge as part of an overual of the Stamford Transportion Center.

The commission also signed off on a $5 million grant to the town of Montville for upgrades to its sewage treatment facility. State Senator Andrea Stillman said the town had been waiting five years for the funds.

And it approved $17 million of loans to manufacturing companies, including a $5 million loan to APS Technology, which makes sensors for the oil and gas drilling industry.

A list of the projects can be found at:

The commission also agreed to sell $600 million of general obligation bonds to pay for previously approved projects.

Malloy is scheduled to present his fiscal 2014 budget in February. He said he has no plans to raises taxes, but is considering whether to extend some taxes that are set to expire.

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