Iowa Governor wants approval for $700 million in projects

Omaha, NE – Iowa Governor Chet Culver wants that state to borrow $700 million for infrastructure projects statewide.

Governor Culver's comments came during a visit Tuesday to Council Bluffs. He says the $700 million would be used for both flood rebuilding projects and other critical needs statewide such as roads and bridges. Culver says all parts of Iowa would benefit from the stimulus package.

Culver says he doesn't want to wait for Congress to pass a federal economic stimulus package. He says Iowa's $600 million cash reserve and AAA bond rating mean the state can borrow money at a reasonable rate.

The bonds would be paid back with a portion of gambling revenues. Culver says right now that money is used for infrastructure.