Bonding Issue, Continued...

Recently, I wrote to you about a bond proposal that will help the state repair its infrastructure.  Whether transportation, higher-education, or state facility related, our infrastructure provides the necessary framework for a stable, prosperous economy.  The condition of our infrastructure demands action – today.  In response, I have proposed a bipartisan solution: House Joint Resolution 14.  This Resolution, labeled “Funding for Higher Education, Improvements, Construction, and Transportation Infrastructure”, will provide the funding necessary to accomplish the task we have at hand.

Because of the magnitude of this undertaking, I formed the Appropriations Committee on Infrastructure and Job Creation chaired by Representative Chris Kelly; a strong advocate for bonding and a senior member of the democrat party in the House of Representatives.  In short, the responsibility of the 17 member committee will be oversight of all use of funding generated through the bond issue. 

Benefits

This investment in our state will contribute to more advanced education in our higher learning centers around the state.  It is imperative we are able to educate our students to meet the technological demands placed upon them now, and in the future.  An educated workforce attracts investment in our state and spurs economic growth.  As the economy in Missouri improves, revenue to the state increases.  This means more funds will be available to fund other critical state service, which keeps taxes low.  

As the Third State Building Bond did in the years following its approval, voter approval for the Fifth State Building Fund will provide the necessary funding for our infrastructure needs, help to insure an educated workforce, and spur economic growth and opportunity in Missouri.  The 1982 bond issuance was responsible for creating an estimated 40,000 plus jobs.  This is clearly a win-win situation.

Whether the bond issuance directly pays for repairs to our transportation infrastructure or frees up state funds for the repairs, we desperately need to make the necessary repairs and improvements to our highways and bridges.  It is estimated the average driver will pay around $540 in auto repairs every year due to poor conditions of our roads and bridges.  Interstate 70 is a prime example of our infrastructure needs.  Designed to support 18,000 vehicles per day, the least travelled sections now experience 31,000 vehicles daily; nearly twice the number it was designed to carry.  These numbers will continue to increase as our population continues to grow.  A clogged highway system - in desperate need of repair - creates unsafe driving conditions for you and your family. 

Poor transportation infrastructure also negatively impacts trade.  Nationally, we stand to lose $72 billion annually in foreign trade alone due to these deficiencies.  The economic impact is staggering to think about.  We must take the initiative now to right this ship and prepare our transportation infrastructure to accept the demands being placed upon it now, and for the foreseeable future.  We cannot, in good conscience, continue to deny funding for the critical repairs and improvements to our roads and bridges. 

This is the right thing to do for your safety, the safety of your family, and makes good economic sense.  This bond issue is a clear example of how responsible borrowing to fund capital improvements can truly better a society – we will not adopt the “Washington Model” of “over-borrow to force tax increases.”  We will live within our means and we will balance the budget.  Always.  

 

For a complete description of my HJR 14 and the Joint Committee on Capital Improvements and Leases Oversight, please visit www.house.mo.gov.