Nebraska Gov. Pete Ricketts Announces Infrastructure Bank
“The infrastructure bank honors Nebraska’s history of prioritizing transportation funding and continues Nebraska’s pay-as-you-go practice for roads,” Ricketts said. “Targeted investments in our transportation system through prioritized spending will help our state continue to grow. Unlike other states that have relied on debt to build roads, Nebraska budgets for our priorities, and I have been pleased to work with Sen. Smith and the Transportation Committee on innovative ideas like the infrastructure bank.”
The infrastructure bank will be administered by the Nebraska Department of Roads and draws funding from the state’s reserve fund. It will match up to $150 million to counties to accelerate highway construction projects, repair and replace deficient bridges, and support new businesses. The reserve fund, which holds about $750 million, would gradually be replenished with state fuel tax revenue.
“Having that 21st-century infrastructure is really vital to create more jobs, to keep our kids and grandkids here, and attracting people from around the country to move here,” Ricketts said.
Ricketts’ proposal authorizes NDOR to use an accelerated design-build process in hopes of reducing the current seven-to 12-year timeframe to two to four years for the state’s most expensive and complex roads projects.
Support for the infrastructure bank built last year when Smith oversaw a series of hearings on road priorities.
"As we traveled the state, the committee heard loud and clear the importance of infrastructure and the need to expedite the construction and repair of critical roads and bridges in our state,” Smith said. “This collaborative effort is a clear and direct response to the concerns we heard during our hearings. I'm grateful to Gov. Ricketts for making this one of his legislative initiatives this year."
Smith plans to introduce the infrastructure bank legislation after Ricketts’ State of the State address Jan. 14.
