Corbett administration gets a loan for construction projects
The Corbett administration is taking out a loan.
State Treasurer Rob McCord will give a low-interest $500 million loan to help continue state-supported construction and improvement projects, the Associated Press reports. Those include things like hospital and bridges.
The loan is expected to be repaid in the fall, when the Corbett administration will have to issue higher-priced bonds.
In the meantime, the treasury loan is supposed to lower the state’s cost to borrow and save millions in taxpayer dollars, and could become a routine practice.
The state most recently issued $650 million in bonds for the projects last winter. That money has run out.
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