Governor Deval Patrick and the Legislature have been making headway toward achieving official letters that cities and towns can use for short-term borrowing or to sign contracts, finally after weeks of uncertainty over the fate of $300 million in local road funding.
Patrick signed a borrowing bill and he also filed a terms bill, which sets a term of not more than 30 years for the $300 million bond. The Legislature would need to pass the terms bill, and then the Patrick administration would need to release the funds. Transportation financing talks in the State House have been rocky at times, with Patrick threatening to veto a House tax plan that he said would not raise enough revenue. Lawmakers are still working out the details of the tax bill, with negotiators set to meet privately.
Category: Legislative Update