Gov. Jim Douglas’ proposal for $80 million in new bonding for road and bridge repairs over five years marks a switch for the governor.
Douglas had been cool to earlier proposals to raise borrowed money through issuance of bonds to address Vermont’s infrastructure woes, saying he didn’t want to harm Vermont’s good credit rating.
Administration Secretary Michael Smith defends the switch, saying circumstances have changed. He cites a winter that was unusually tough on Vermont’s roads, higher construction costs and a need to give Vermont an economic boost.
Smith also says he thinks a moderate amount of borrowing won’t do much harm to the state’s credit rating.