BOSTON Massachusetts Gov. Deval Patrick has released a five-year capital investment plan that he says will help stimulate job creation and support long-term economic growth.
The plan seeks to spend about $4.5 billion during the new 2015 Fiscal Year that began Tuesday.
Patrick said the spending will help support the state’s public assets, including classrooms and academic buildings, roads and bridges, clean energy projects and public housing.
Among the projects Patrick’s plan would pay for includes the ongoing development of the South Coast Rail project, replacement of old Red Line and Orange Line MBTA trains, and investments in affordable housing for low-income families.
The state’s capital investment plan is mostly funded by borrowing through the issuing of bonds. It’s separate from the state’s annual operating budget.
The issuance of those bonds must be approved by lawmakers.