Governor Announces $3.5 Billion In Proposition 1B Bond Funds To Rebuild California, Help Boost The Economy
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Today in Los Angeles, Governor Schwarzenegger announced that the
California Transportation Commission has
approved nearly $3.5 billion in Proposition 1B bond funds for transportation and
goods movement projects throughout California. Proposition 1B, part of the
Strategic Growth Plan championed by the Governor and passed by voters in
November 2006, provides $19.9 billion for transportation infrastructure
improvements statewide. Rebuilding the state and boosting investment in
infrastructure creates jobs, preserves California's high quality of life, maintains
environmental quality and is a key component of the Governor's overall economic
development strategy.
For more information on the
Governor's continued commitment to rebuilding California visit: www.gov.ca.gov/issue/strategic-growth.
The Governor applauds
the approval of this Proposition 1B funding which will improve safety, boost
goods movement, reduce traffic and create thousands of
jobs. This funding
will go to improve the efficiency of our highways, railways and ports, improving
our communities and putting thousands of Californians to
work.
This year, the Governor
has already announced the allocation of hundreds of millions in bond funding for
other critical infrastructure projects. In addition to the $19.9 billion Proposition 1B will
provide, the Strategic Growth Plan includes another $22.7 billion for education,
housing, levee repair, flood control and parks projects. Already this year, the
Governor:
- Led a roundtable discussion with local and regional organizations to learn more about their infrastructure needs and discuss infrastructure financing options.
- Discussed the need to recruit apprentices for public works projects funded by the infrastructure bonds.
- Announced $394 million in Proposition 1B bond funding for 106 transit projects statewide.
- Announced $73 million for affordable housing projects in Proposition 1C and Proposition 46 funds to help more than 1,600 California families rent or purchase affordable housing.
- Announced $40 Million for port security from Proposition 1B funding.
- Announced $69.5 million in permanent low-interest loans from the Proposition 1C housing bonds for 14 affordable multi-family projects up and down the state.
- Expedited implementation of $211 million in Proposition 1E funds to four critical levee improvement projects in three California counties.
The Governor is working to push the remaining infrastructure bond funding out the door ahead of schedule to stimulate the economy now, when we need it most.
- The Governor has committed to finding ways to fast-track the billions in unallocated 2006 infrastructure bond funding. Earlier this year, Governor Schwarzenegger called an emergency Cabinet meeting and instructed his agencies to immediately recommend ways to work with the legislature to speed the release of billions in unallocated bond funds.
