Treasurer Shawn T. Wooden launched an $850 million bond sale last week to bolster Connecticut’s transportation program, and this week plans to secure another $500 million in financing for various other capital projects and state initiatives. The transportation bonds will finance upgrades to the Gold Star Memorial Bridge on Interstate 95 in New London, the “Mixmaster” junction of I-84 and Route 8 in Waterbury, the interchange of I-91 and Route 15 in Wethersfield and East Hartford, and the New Haven Rail Yard master complex. The STF covers the payments each year on the state’s transportation bonding debt. By borrowing and spending those funds, Connecticut then qualifies for $700 million per year in federal transportation grants. But before they offer low interest rates, Wall Street investors want to see twice as much revenue flowing into the STF as debt payments going out — for the current year and for four years into the future.
CT heads to Wall Street to jump-start its construction industry