State Treasurer Fitch critical of Legislative bond bill

Treasurer Fitch critical of state borrowing

Treasurer Lynn Fitch called the Legislature’s decisions on borrowing for special projects deeply disappointing and hypocritical in a letter to state leaders.

She said some of the state’s bonds don’t meet the qualifications for tax-exempt status, are vague and could threaten the state’s credit rating.

“Several items in the over $308 million bill … lack any specificity. Bonds are borrowed to cover specific projects, not simply for ‘paying costs associated with infrastructure and infrastructure related projects,'” Fitch wrote.

ClarionLedger
4/20/16