News10: California Infrastructure Projects Restarted (CA)
The better-than-expected sales of Build America Bonds by the state will allow more than 5,000 infrastructure projects to get underway again, Gov. Schwarzengger announced Wednesday. The projects, ranging from transportation to school construction to parks, were halted in December 2008 with California facing a nearly $42 billion budget deficit. Investors bought $6.85 billion in bonds, including $5.2 billion in Recovery Act-backed (the federal stimulus package passed in February) bonds. The federally-backed bond money will be designated for the stalled projects and those that have been proceeding without state fundings.
“Federal investment in infrastructure is the necessary catalyst for future economic growth and to enable the private sector to effectively compete in the global economy. This investment is long overdue.”