The state Senate on Tuesday passed a bill that would allow the state to borrow up to $2 billion to fund a variety of infrastructure projects.
The bill, which passed by a vote of 43-20, would allow the state to borrow the money over the next five years to fund projects such as road and bridge repairs, water and sewer upgrades, and other infrastructure improvements.
The bill was sponsored by Sen. James Seward, a Republican from Oneonta.
“This is an important step forward in addressing the state’s infrastructure needs,” Seward said in a statement. “The $2 billion investment will help create jobs, improve our roads and bridges, and make our communities safer and more livable.”
The bill now heads to the Assembly, where it is expected to pass. If it does, it will then go to Gov. Andrew Cuomo for his signature.
The bill is part of Cuomo’s $100 billion infrastructure plan, which he unveiled in January. The plan calls for the state to borrow $22 billion over the next five years to fund infrastructure projects.
The bill is also part of Cuomo’s plan to create a new infrastructure bank, which would provide low-interest loans to local governments and private entities
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