Republican House leaders are backing off their plans to borrow more than $1 billion to fund transportation and transit projects after Senate Republicans balked at adding that much to Utah’s debt.
A new substitute version of SB433 drops the amount of money the state will borrow to fund a number of transit projects from $1.4 billion to $264 million. The change also increases the amount of one-time money they’ll use to fund those transit projects to nearly $1 billion.
The markedly lower amount of borrowing stems from unease among Republican Senate leaders who felt it was more fiscally prudent to pay cash for many of those construction projects instead of borrowing.
The Tribune will update this story.