Connecticut House Bill HB05500

Connecticut 2018 Regular Session

• Introduced: 3/7/18
• Refer: 3/7/18
• Report Pass: 3/20/18
• Refer: 3/29/18
• Report Pass: 4/5/18
• Refer: 4/10/18

Caption

An Act Establishing The Connecticut Infrastructure Bank.

Impact

The implementation of HB 05500 is expected to significantly impact state laws by establishing a framework for how infrastructure projects are financed. The bank will be able to issue bonds and accept federal or state funds to enhance its lending capacity, thus promoting public-private partnerships. Additionally, the infrastructure bank has the authority to set eligibility criteria for potential projects, which will determine how resources are allocated and managed. This structural change represents a strategic move towards enhancing infrastructure without directly imposing additional costs on taxpayers, thereby reshaping the public finance landscape in Connecticut.

Summary

House Bill 05500 establishes the Connecticut Infrastructure Bank as a quasi-public agency with the goal of financing infrastructure projects across the state. The bank is designed to provide loans and financial assistance for various infrastructure improvements, including those related to highways, bridges, transit systems, and more. By facilitating access to capital, the bank aims to stimulate economic growth and ensure the development of essential infrastructure necessary for state operations and growth. The creation of the bank highlights the importance of investing in infrastructure to support Connecticut's ongoing economic development needs.

Sentiment

Overall, the sentiment surrounding HB 05500 is largely positive, with proponents touting it as a necessary step for modernizing Connecticut's infrastructure. Supporters believe this initiative will address the backlog of infrastructure needs while also enhancing the state's competitiveness in attracting businesses. Nonetheless, there are concerns among some legislators regarding the governance of such an entity and its potential for oversight. Ensuring transparency and accountability in how funds are managed and disbursed will be crucial for maintaining public trust.

Contention

Notable points of contention include discussions about the governance of the Connecticut Infrastructure Bank, particularly regarding the appointment of its board of directors and the measures in place to ensure responsible financial practices. Critics are wary of how the bank's creation might affect existing funding mechanisms and local jurisdictions' control over infrastructure projects. Furthermore, there are concerns about potential delays in project implementation and funding allocation processes, which could hinder timely advancements on critical infrastructure needs. The balance between the autonomy of the bank and the necessary oversight to prevent mismanagement will continue to be a focal point of discussions surrounding the bill.