Gov. Thomas R. Carpet signed legislation last week that authorizes the issuance of about $238 million of tax-exempt bonds in fiscal 1995 for a variety of capital improvements and other uses, including transportation, education, and development.
"These long-term investments in our state keep us at the forefront of our competitors and maintain the high quality of life Delawareans deserve," Carper said in a statement.
The largest portion of bonds, $131 million, will go toward transportation projects for the 1995 fiscal year, which began July 1.
Another big user of the bond money will be the state Board of Education, which will receive about $30 million for improvements in schools around the state. In addition, $13.5 million will go to Delaware's three state-supported colleges and universities.
Another $10 million will go toward the state's Strategic Fund, which is the primary development finance tool for the Delaware Development Office. The fund is used for working capital, machinery and equipment, building acquisitions, venture capital investments, and other development projects.
"At a time when our economy is beginning a steady, gradual recovery, this $10 million investment fund for economic development will go a long way toward improving Delaware's competitiveness in our effort to attract and retain quality jobs here," Carper said.
The balance of the total will go to a variety of projects. For example, Wilmington will receive $3 million to complete a 124,000-square-foot refrigerated warehouse expansion that will help secure shipping contracts for the city's port.
In addition, $2.4 million will go to complete construction, renovation, and expansion of library facilities statewide.