Connecticut Senate Bill SB00025

Connecticut 2020 Regular Session

• Introduced: 2/11/20
• Refer: 2/11/20

Caption

An Act Establishing The Connecticut Infrastructure Bank And Public-private Partnerships For State-funded Infrastructure Improvement Projects.

Impact

If enacted, the bill will significantly impact state laws related to infrastructure financing. It vests the Connecticut Infrastructure Bank with the power to issue bonds that can be repaid through project revenues, meaning that the fiscal responsibility will largely fall on the bank and not the state treasury. This shift could encourage more private investment in public infrastructure projects, ultimately aiming to improve the quality of state highways, railways, and public transit systems, but it may also prompt concerns about accountability and long-term budgetary impacts for the state government. As a result, this bill represents a notable evolution in how Connecticut approaches public assets and infrastructure funding.

Summary

SB00025, also known as the Act Establishing the Connecticut Infrastructure Bank and Public-Private Partnerships for State-Funded Infrastructure Improvement Projects, aims to create a new financial institution designed to enhance and expedite infrastructure improvement projects in Connecticut. The Connecticut Infrastructure Bank will facilitate public-private partnerships to streamline the financing and management of both state-funded and federally-funded infrastructure projects, focusing on areas such as transportation, environmental protections, and public works. The legislation outlines the bank's authority to issue bonds, provide loans, and engage with private entities to address the state's infrastructure needs more efficiently.

Contention

Discussion around SB00025 has highlighted key points of contention, particularly regarding the potential risks associated with increased privatization of public projects. Critics argue that relying heavily on private partnerships might compromise the quality of public services and reduce oversight of funds. There are also concerns that the financial model proposed by the bank may sidestep existing regulations meant to protect public interests. Supporters counter that the model could hasten necessary investments in infrastructure and create jobs, ultimately benefiting residents. The debate reflects broader tensions between public accountability and the efficiency often associated with the private sector.