Culver Seeks $700 Million for State Projects

(AP Photo/Charlie Neibergall)

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By Becky Ogann

Story Created: Jan 13, 2009 at 9:24 AM CST

Story Updated: Jan 15, 2009 at 8:15 PM CST

DES MOINES (AP) - Gov. Chet Culver wants the Legislature to use the state's bonding authority to pay for flood recovery and repair the state's aging roads and bridges.

Culver, in his annual speech, asked lawmakers to borrow $700 million. The tax-exempt bonds would be repaid over 20 years with spending from the fund governed by a new Rebuild Iowa Infrastructure Board. Iowa would repay the bonds by using $56 million a year in gambling profits.

The package is basically a stimulus plan aimed at jump-starting the economy by pouring money into construction projects expected to create jobs.

Culver also asked lawmakers to spend $43 million immediately on flood relief.

The governor will deliver a proposed budget before the end of the month. The delay will give him time to see the stimulus package from Congress.

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