Last week, Governor Arnold Schwarzenegger announced that more than 5,000 infrastructure projects will be restarted in California.
This is a result of the sale of $6.85 billion in bonds, including $5.2 billion in Recovery Act-backed bonds. The restarted projects include everything from transportation to school construction to environmental and park projects and many more.
These projects have been on hold since December 2008 when the Pooled Money Investment Board voted to freeze all infrastructure bond projects because of the state’s cash flow crisis and the tight credit market.
According to the governor’s office, the state now has the necessary funds to pay all outstanding bills not previously funded. For more information regarding bond funded infrastructure projects click here.