More on State Borrowing

“‘I believe it is imperative that the commission members have adequate information prior to its vote,’ Candelora wrote this week to Rell, asking her to cancel the bond commission’s Aug. 11 meeting. The panel, which is being asked to approve $520 million in new general obligation bonding for projects, including $260 million for the commuter line, has been rescheduled to meet Aug. 17.”

“Rell canceled Wednesday’s scheduled State Bond Commission meeting after leaders of the legislature’s Finance, Revenue and Bonding Committee questioned why the $580 million in short-term borrowing – approved in April 2009 when the state was more than $1 billion in deficit – still hasn’t been repaid.

And Rep. Vincent J. Candelora of North Branford, ranking House Republican on the committee, said he was unaware the financing had been sought to keep the state’s checkbook in balance, and not to finance capital projects.”

“About 27 percent of the funds in the state’s cash pool at the end of January 2009 came from bonding, while that ratio had jumped to 52 percent one year later, said Candelora, who sponsored a measure enacted this year that requires the treasurer to issue monthly reports on the state’s cash balance starting in October.”

Excerpts taken from Keith Phaneuf’s Aug. 13 column in the CT Mirror.

Candelora Petitions Governor to Cancel Bond Meeting; Governor Agrees

“It’s about the state’s cash position.

Candelora reiterated concerns, which he has been voicing for months, about the state’s decision in 2009 to issue $580 million in Bond Anticipation Notes, or short terms bonds. The BANs were issued in 2009 with favorable interest rates of 0.47 percent and 1.15 percent, along with $1.135 billion in general obligation bonds, to address the states sharp drop in revenue.

The short term bonds were issued to enhance the states cash position, state Treasurer Denise Nappier said Tuesday.”

These are excerpts from a story originally covered by CT News Junkie.

Rep. Candelora Alarmed at Lack of Bonding Information Given to Bond Commission

Rep. Candelora Alarmed at Lack of Bonding Information Given to Bond Commission
Calls for Delay of Bond Commission Meeting Until Resolved

State Representative Vincent J. Candelora, Ranking Member of the Finance, Revenue and Bonding Committee in the legislature, raised concerns to Governor Rell over the lack of information from the State Treasurer regarding Connecticut’s debt status. The concern comes just as the Governor called the state bond commission together to approve two major transportation projects. Candelora, joined by other lawmakers on the commission, asked the meeting to be postponed until members are provided accurate information on short term state bonds before deciding on more bond debt.

The Record-Journal and Hartford Courant carried the story.

State Rep. Vincent Candelora Achieves Perfect Voting Record

State Rep. Vincent Candelora Achieves Perfect Voting Record

State Representative Vincent Candelora continues his exemplary record of public service by registering a perfect voting record in the Connecticut General Assembly.

Candelora, who represents North Branford, East Haven and Wallingford in the state House of Representatives, gave an up or down vote 100 percent of the time for the 274 votes of the 2010 legislative session. Only about 20 of the 151 legislators in the state House of Representatives accomplished such a voting record.

“To me, my service as an elected representative is both a serious responsibility and a distinct honor.  In these unprecedented economic times, it’s crucial to be in Hartford for every vote to express concerns about the rising wave of state taxes and fees, cutting back excessive borrowing, reigning in spending, opposing unfunded mandates, reducing energy costs, and creating an environment of prosperity for generations to come,” said Candelora.

Candelora is the Ranking Member of the Finance, Revenue and Bonding Committee for the legislature.