The state Bond Commission is expected to meet Friday to approve $8.15 million in general obligation bonds, which brings this year’s total amount of borrowing to $2,499,994,518.
That’s $5,482 shy of Gov. Dannel P. Malloy’s self-imposed $2.5 billion borrowing limit for the year — the highest single-year borrowing total in state history.
The final general obligation bonds will help fund $4.9 million in the construction of 32 new units of affordable housing in the Killingly section of Danielson, $2.2 million will help replenish the Small Business Express loan program, $736,733 is for renovations to the Mary Wade Home in New Haven, and $300,000 is for consolidation of emergency services in North Stonington.
At the moment the state is making an annual payment of $1.937 billion on its debt. That figure is expected to increase 6.4 percent by 2020, according the budget analysts.
The rest of Friday’s Bond Commission agenda includes projects that will be funded with special revenue bonds, which are backed by specific revenue streams. General obligation bonds, which is what Malloy counts toward his self-imposed cap are backed by the state’s ability to levy taxes.
The Bond Commission is poised to approve $174.6 million in transportation improvements, including final design for improvements on I-84 and preliminary design for rehabilitation of the Route 15 West Rock Tunnel. Improvements to the Hartford Train Station are also on the list. Those projects will be paid for with special revenue bonds.
The state will also loan Brean Capital LLC $6.5 million for conversion of unused rooms at the Radisson Hotel at 50 Morgan Street in Hartford. The loan will be provided at 5.75 percent interest with interest payments for two years.
There’s also money under the manufacturing assistance act to help CareCentrix complete its move from East Hartford to Hartford and create 290 new full-time jobs. And there’s money for Wade’s Dairy of Bridgeport to renovate its refrigeration facilities and Charter Communications to move its headquarters from St. Louis, Missouri to Stamford.
The Bond Commission will meet at 10:30 a.m. Friday in room 1E of the Legislative Office Building in Hartford.