The first week of August brought an important milestone for communities in Connecticut. I was pleased to be on hand as our Governor, Dannel Malloy, held a ceremonial bill signing for Senate Bill 458. This legislation is significant because it changes the maturity date for municipal bonds issued in conjunction with any water, waste, or community facility loan from USDA Rural Development from an original 20 years to a 40 year bonding term. Of the 169 towns in the state of Connecticut, 69 of those have populations under 10,000. This makes them eligible to receive loans from USDA Rural Development through our community facilities program. This act will make repayment on such loans affordable for small towns that are in need of essential community facility additions and improvements.
Connecticut State Senator Cathy Osten was on hand at the bill signing, along with Lt. Governor Nancy Wyman, among others. Cathy remarked to me how this new legislation will allow rural Connecticut communities access to projects that were fiscally prohibitive in the past due to the outdated restrictions placed by the state, and repealed with this new law.
Personally, I'm happy to see this come about. This helps us in USDA Rural Development to better serve our communities in Connecticut, and it puts a whole host of essential community facilities and utility improvements in reach for the first time in a long while. On behalf of USDA Rural Development, I'm grateful to Governor Malloy and the Connecticut State Congress for their efforts in supporting our rural communities.
