By Christine Stuart
HARTFORD, Conn. – The state Bond Commission approved $510 million in general obligation bonds Friday for a variety of projects, which sparked a debate over whether the state is borrowing too much money.
“We are borrowing at what I would consider an alarming rate, which doesn’t mean that any of these projects are bad,” Sen. L. Scott Frantz, R-Greenwich, told Gov. Dannel P. Malloy. “But it does raise the question about how much can the state sustain going forward.”
Malloy tried to reassure Frantz that his self-imposed bonding cap would be in line with where it was last year without tying it to a specific number. Last year, Malloy said the state wouldn’t borrow more than $1.8 billion.
In 2013, it came within $10 million of the cap after canceling six scheduled meetings, including one in October shortly after Republicans pointed out how close Malloy was to his self-imposed cap.