Last week, the Pooled Money Investment Board (PMIB) met to discuss the current freeze on infrastructure bond projects.

Because of the state’s inability since last year to enter the bond market and replenish funds in the Pooled Money Investment Account, many districts with bond projects that were subject to the freeze have been waiting for payment for work completed before the December 17, 2008, freeze date.

State Treasurer Bill Lockyer announced earlier that he is planning a $4 billion bond sale starting this Wednesday. This sale is needed to replenish the Pooled Money Investment Account and enable California to begin paying out $500 million to projects that desperately need public funding to continue.

The PMIB has tentative plans to meet April 3 to review the bond sale and hopefully begin releasing funds to projects in need. This meeting may also shed more light on when districts can expect to receive payment on delayed invoices. Stay tuned!