As first reported in the Cheat Sheet, Indiana Governor Mike Pence today announced the state will spend nearly $1 billion to improve its roads and infrastructure.
The program, called 21st Century Crossroads, calls for the the state will spend $1 billion over the next four years, without raising taxes.
The money will come from as follows…
- $241 million from state reserves.
- $450 million in additional funding, ($150 million annually)
- $240 million from bond financing.
- $50 million from interest from the Major Moves Trust Fund
- $6.5 million from debt refinancing.
Pence officials say the money from 21st Century Crossroads will go towards bridge repair, resurfacing, pavement sealing and resurfacing. It will not be used for new road construction, however administration officials say the state already plans to spend $3.5 billion over the next five years.
The Pence proposal does not address local road funding, however the Governor says he will work with the Legislature and local governments to look for adequate funding solutions.
It also comes at a time when Democrats have been stepping up their criticism of the Governor when it comes to roads and infrastructure.
You can hear Governor Pence’s comments as well as INDOT Commissioner Brandye Hendrickson in the Leon-Tailored Audio above.