Lawmakers Put New Limits On Capital Borrowing
HARRISBURG, Pa. (AP) – Gov. Tom Corbett plans to sign a newly passed bill that cuts the amount of money the state can borrow for economic development projects and puts into law restrictions on how the program operates.
The state House and Senate both voted unanimously Wednesday to cut $600 million from the $4.05 billion upper limit on the Redevelopment Assistance Capital Program.
Corbett’s spokesman says he supports the bill, which puts into law changes the administration implemented on its own last year.
Each year, lawmakers typically pass a wish list of projects, but it’s up to the governor to decide which ones to fund. The bill limits the viability of projects to 10 years after legislative approval.
House Majority Leader Mike Turzai says this is the first time the borrowing limit’s been reduced.