Infrastructure bond issues and regional infrastructure banks
Missouri’s Department of Transportation (MoDoT) is laying off employees, closing facilities and selling some of its assets to make another over $500 million available for project funds for Missouri transportation by 2013. Additional federal funds for economic infrastructure are unlikely as part of any renewed efforts at economic stimulus. Some suggest that overseas corporate profits could fund an infrastructure bank. Despite the current economic situation states can use their own efforts to provide additional infrastructure funding in addition to making their state departments of transportation more lean and efficient. Perhaps groups of states may even establish regional infrastructure banks for the states to fund educational and economic infrastructure projects. To the degree other financial incentives may be necessary to retaining present businesses and assuring the location of new businesses in a state, bond issues for economic and infrastructure development could be put to a vote of the people. Missouri had a vote for educational infrastructure under our late Governor Mel Carnahan when the governor supported a constitutional amendment to issue bonds for some $660 million for education. Missouri voters overwhelmingly supported the bond issue and our schools and state are better for it. California did this with a $10 billion investment in life sciences research. States may look at what was done in Missouri, California and elsewhere to see what worked and build upon it. [More . . . ]