South Carolina lawmakers will likely try to borrow millions of dollars through revenue bonds to pay for repairs and maintenance projects at state-owned buildings and facilities.
The State newspaper reports $446 million included in the state budget that will take effect July 1 will probably go to prop up the state’s underfunded pension system, for damage costs caused by Hurricane Matthew and state services which includes K-12 public education.
According to the newspaper, some South Carolina lawmakers are open to the idea of borrowing money to pay for renovations and other projects needed at over 5,000 state-owned buildings.
According to the South Carolina Treasurer’s Office the state has the ability to borrow about $2 billion.
The Department of Administration estimates that on top of deferred maintenance costs, the state will have $799.2 million in building costs over the next three decades.
Building projects that colleges and technical schools want from the state in next year’s budget account for the bulk of about $1 billion in requested money for them.