Massachusetts Gov. William F. Weld said Wednesday he will seek legislative authorization that would allow him to spend $4.2 billion over the next five years on capital projects in the state.
The governor said he would spend $2.3 billion before the end of fiscal 1994, which ends June 30. That figure includes $886 million of state spending and $1.4 billion of federal money.
During fiscal 1994, Weld said, the state would spend $1.8 billion in state and federal funds on the Central Artery and Third Harbor Tunnel projects in Boston as well as on several other road projects in the state.
The state would also issue $306 million of Massachusetts Bay Transportation Authority bonds for project construction and about $44 million to repair public housing.
Weld also asked the legislature to approve $35 million to purchase land for state environmental conservation as well as funds to begin construction on a new Suffolk County Courthouse in Boston, a new track at the University of Massachusetts, and a training facility for the state's Maritime Academy.
The governor's plan does not include any additional general obligation bonds to finance the construction of a convention center and stadium, called the Megaplex, in Boston. The Megaplex carries a price tag of $700 million.
If the Megaplex is built as proposed, it would have a 70,000 fixed-seat stadium that could be used as a new home for the National Football League's New England Patriots.
Weld has said he would like to finance the construction of the Megaplex from the proceeds of a revenue bond sale. Under the governor's plan, debt service would be partially paid from profits at several floating casinos.
Weld has proposed that the state allow several casinos in Boston Harbor. But it is expected that the legislature will oppose casinos.
It is still uncertain whether the Patriots would move to Boston even if the stadium is built. Currently, there are offers to keep the team in its present home in Foxboro, Mass., or to move it to Hartford.
The Connecticut legislature has already approved $250 million of general obligation bonds if the Patriots move to Hartford.
Under former Gov. Michael S. Dukakis, Massachusetts enacted a five-year capital plan in 1988. However, the state's fiscal crisis in the late 1980s and early 1990s prohibited the construction of many projects.
The state was forced to issue more than $1 billion of notes to balance its budget in 1990 and 1991. From 1988 through 1991, the state's debt burden increased by 68%.
The state's credit rating sank to the lowest in the nation as a result of fiscal problems. Recently, though, the state has returned to fiscal stability and its rating was increased by two of the three rating agencies last week to A-plus from A.
Weld said this capital plan will increase the state's debt by less than the rate of inflation.
