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Utah House Rejects Substitute Bonding Plan, Debates Capitol Restoration and Rainy Day Fund
Summary
During a May 22 special session, the Utah House rejected a substitute to House Bill 4,001 that would have increased bonding for capital projects while leaving money in the rainy day fund. Lawmakers then took up a transmitted Senate bonding bill, adopted an amendment deleting an $8 million parking structure and adjusted line-item amounts, and recessed with voting open on the amended Senate bill.
SALT LAKE CITY — The Utah House of Representatives on May 22 debated whether to borrow now to pay for capital projects or to draw down the state's rainy day fund, ultimately rejecting a floor substitute that would have expanded bonding and preserved reserve cash.
Lawmakers debated House Bill 4,001 and a proposed "first substitute" that Representative Becker described as a way to "bond for the full amount of buildings" the state had committed to while keeping "$70,000,000 in the rainy day fund" for the next fiscal year. Becker told colleagues that the "purpose of the rainy day fund is to deal with deficit situations" and argued that bonding now could spur the economy while leaving the reserve for a projected shortfall.
Opponents said borrowing to keep reserves made little sense if cash was available. "The problem is we're going to borrow money so that we can have money in our savings account,"…
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