Photo by Tim Pierce is licensed under CC BY 2.0
Today’s presidential election has stirred the electorate nationwide, but closer to home, voters are deciding $70.3 billion in local bond referendums – for states, schools and local governments. The value of the more than 680 bond votes on tap today across the United States is the largest bond total to go before voters in this country since 2006, when bond issues totaled just over $80 billion.
Successful bond issues not only will mean new schools to meet the needs of an increasing number of students that are growing hand-in-hand with the nation’s population. They will also provide funding for long-overdue infrastructure projects – water and wastewater, roads and bridges, dams, ports and airports and provide for local needs from senior centers to public safety facilities.
As bond projects begin, millions of dollars’ in government contracts will be awarded to private-sector firms. Collaborations will result between the public and private-sectors. That means jobs for Americans and a healthier local and national economy.
California will host nearly 200 bond elections, totaling $41.7 billion. The state also boasts the nation’s largest bond issue to be decided today – a $9 billion referendum that would fund construction and modernization of schools in the state – including K-12 and charter schools and community colleges.
And like many other government entities, California is also seeking passage of an issue that would dedicate $2 billion to state projects, many of which are infrastructure-related.
In Rhode Island, a $35 million Green Economy Bond will be decided by voters statewide. The bond proceeds would be used to clean up brownfields to facilitate creating bike paths and parks. Also included in the proposal is $6 million for cities and towns in the state, $2 million of which will be for recreational grants and another $4 million for open space grants. A total of $5 million will be used to restore brownfields and $10 million will be dedicated for bike paths.
Bond projects totaling $5.2 billion are at stake in Texas, ranging from school bonds to cities to community colleges and special purpose districts. The largest of the bond issues is in Austin, where voters will be asked to decide a $720 million transportation bond. Other Texas bond issues address water system improvements, road construction and repair, new construction and upgrades on public school campuses and a new community college campus.
Facing a huge backlog of infrastructure needs in the state, Maine is asking voters to approve a $100 million bond issue for construction, reconstruction and rehabilitation of highways and bridges and for facilities and equipment relating to ports, harbors, marine transportation, freight and passenger rail, aviation, transit and bicycle and pedestrian trails. The proceeds from a successful bond issue would be used to match about $137 million in federal and other funds.
New Mexico voters are being asked to allow the state to issue general obligation (GO) bonds of up to $15.44 million for improvements, construction and purchase of equipment at some senior centers in the state. Additionally, voters will be asked to approve issuance of $10.167 million in GO bonds for capital expenditures at academic, public school, tribal and public libraries in the state. GO bonds totaling $142.356 million are being sought for capital improvements for higher education, special and tribal schools and $18.196 million in GO bonding is sought for capital improvements for state police, public safety communications and National Guard facilities statewide.
These are just a sampling of the numerous bond issues that will be on state and local ballots across the country today. Watch the outcomes closely. Successful bond issues translate into government contracting and subcontracting opportunities for private-sector businesses of all sizes for all types of services.
Want to read more stories like this one? Check out the most recent editions of Government Contracting Pipeline and Texas Government Insider. SPI’s government contracting consultants assist firms of all types in selling to government. Contact them today.