Recently introduced legislation would create another funding option for local governments to fund large road and bridge projects.
House Bill 2064 would allow county infrastructure banks to apply for loans from the Pennsylvania Infrastructure Bank. The state bank would provide lower interest rates and special terms that are otherwise unavailable to a county infrastructure bank.
A county infrastructure bank that applies for a loan would be required to submit a 30-year infrastructure plan to ensure the loan will be used exclusively for qualified projects.
The bill also would require the Pennsylvania Department of Transportation to develop eligibility requirements and processes for county infrastructure banks to apply for loans.
The bill does not require counties to create an infrastructure bank.
“Our drivers already pay the highest gasoline and diesel taxes in the entire nation, so asking people to shell out more money to fix our roads and bridges is simply not an option,” Rep. Ryan Warner (R-Fayette/Westmoreland), who introduced the bill, said. “At the same time, it is vitally important that we invest in our transportation infrastructure here and across the Commonwealth for the sake of our economy. This bill is about being strategic in our investment and getting the most bang for the taxpayers’ buck.”
The bill is under consideration in the House Transportation Committee.