Senator Marilyn Moore Appointed as Senate Co-chair of the Bonding Subcommittee

HARTFORD, CT – Senator Marilyn Moore (D-Bridgeport) has been appointed as the Senate Democratic co-chair of the General Assembly’s Bonding Subcommittee.

“I am humbled to have the faith of Senator Martin Looney and my senate colleagues to represent them as the Senate Democratic co-chair of the Bonding Subcommittee. Bonding is critical for Connecticut’s future—whether it’s bonding for transportation, education, or economic development,” Sen. Moore said. “It is an honor to be appointed to this role and I look forward to the challenge. With many proposals already put in motion, I will be there to represent honestly and equitably to move our state forward.”

Senate President Pro Tempore Martin M. Looney (D-New Haven) announced the appointment on Friday, April 27.

“Senator Moore’s constituents know her as a tireless advocate as well as a champion for community justice, women’s rights and equality,” said Senator Looney. “In the Senate, Senator Moore always conducts herself with the highest integrity and is counted on by her colleagues for her keen policy analysis and that is why I am pleased to appoint Senator Moore as co-chair of the Bonding Subcommittee. The Senate Democratic Caucus and the people of Connecticut will benefit from her thoughtful leadership of this the critically important subcommittee.”

Senator Moore succeeds Senator John Fonfara (D-Hartford) as the subcommittee’s Democratic Senate co-chair. Upcoming meeting dates on the subcommittee’s 2018 calendar are May 25,
June 29, July 27, August 31, September 28, October 26, and December 7.

The State Bond Commission exists under the provisions of Section 3-20 of the Connecticut General Statutes. The functions of the SBC are to determine that it is in the state’s best interest to:

Approve project funding requests on an agenda submitted by the Governor.

Approve the amount and timing of bond sales as requested by the State Treasurer.

Types of Bonds:

General Obligation Bonds – Finance the construction of buildings, grants and loans for housing, economic development, community care facilities, school construction grants, state parks and open space. Some bonds provide bond holders with an exemption from federal and state taxation for interest earnings. The repayment source for all GO bonds is the general taxing power (“full faith and credit”) of the State of Connecticut.

Special Tax Obligation Bonds – Finance the state’s portion of the cost of highway and bridge construction and maintenance. The repayment source is a dedicated revenue stream from the state’s motor fuels tax, motor vehicle registrations, licenses and fees.

Revenue Bonds – Finance a project or program with a pledged revenue stream, which is then used to pay debt service on the bonds.

Osten Joins Governor, Electric Boat President in Announcing Historic State Business Investment

Groton Submarine Maker to Retain and Grow Its State Workforce to More Than 13,000 Jobs While Investing More Than $800 Million in Connecticut

NEW LONDON—With Electric Boat’s historic submarine base across the Thames River as a backdrop, state Senator Cathy Osten (D-Sprague) today joined Governor Dannel P. Malloy and General Dynamics Electric Boat President Jeffrey S. Geiger to announce a historic partnership between Connecticut and Electric Boat that will help the company grow its Connecticut workforce by nearly 1,900 people—bringing its total local workforce to more than 13,000 by 2034—while EB will spend more than $800 million in Connecticut over the next 17 years, including more than doubling its in-state spending on its network of local suppliers.

In January, Sen. Osten introduced a bill, Senate Bill 3, “An Act Concerning Funding for Submarine Jobs and Opportunities,” seeking $150 million in state aid over a decade for Electric Boat to accomplish many of the same goals—infrastructure improvements, job training, and dredging—that Gov. Malloy announced today.

Connecticut’s investment will now allow Electric Boat to maintain its position as the highest-quality provider of submarines to the U.S. Navy, thus capturing additional overhaul and repair work while continuing the delivery of Virginia Class Submarines.

“Just like we did for Sikorsky, just like we did for UTC, today Connecticut is stepping up to secure jobs and an economic future for Connecticut residents, this time right here in southeastern Connecticut,” Sen. Osten said. “Electric Boat and its subcontractors and hundreds of associated small businesses in this region are going to benefit from our investment today, as are thousands and thousands of Connecticut citizens who will get the training they need to secure a job that will allow them to buy a home, start a family, and live and succeed right here in Connecticut. I want to thank Governor Malloy for moving forward so quickly on these essential projects. It’s a great day for our state, for our region, for our economy and for Connecticut’s future.”

General Dynamics Electric Boat designs, constructs, and repairs submarines for the U.S. Navy. Currently, the company produces two submarines a year and is ramping up to build three by 2021. The company is also significantly expanding its Groton facility through the construction of a new dry dock and manufacturing superstructure. This new facility will house the construction and new Columbia-class nuclear powered ballistic missile submarines which will be replacing the ageing Ohio-class. To support this increased manufacturing, Electric Boat will be training and hiring 18,000 new employees over the next decade.

“This investment provides crucial support for the workforce development and facility expansion that will help Electric Boat grow, increase its economic contribution to the region, and continue to deliver the world’s most capable submarines to the U.S. Navy,” Electric Boat President Jeffrey S. Geiger said. “We at Electric Boat very much appreciate the continued support that Senator Osten has shown. Her interest in our workforce has been a constant.”

Under the agreement announced today by Gov. Malloy—some of which requires approval by the State Bond Commission—the Connecticut Department of Economic and Community Development (DECD) will provide a $35 million loan for machinery and equipment through Connecticut’s First Five Plus Program, with loan forgiveness based on supply chain spend and employment. Electric Boat will also receive as much as $20 million from Connecticut Innovations in sales and use tax exemptions for the capital and new construction it plans at its Groton campus. The DECD will also provide Electric Boat an $8 million grant to be used only on third-party workforce development initiatives through community colleges, technical high schools, and organizations in Connecticut, such as the Eastern Workforce Investment Board to benefit the company and its manufacturing supply chain.

Connecticut will also spend $20 million for dredging Electric Boat’s harbor area, allowing submarines to be launched from a new dry dock and manufacturing superstructure being built to support new submarine construction.

In exchange, Electric Boat will grow its workforce by 1,881 employees (bringing its total workforce to more than 13,000), make $852 million worth of capital investments to its Groton facility, and more than double the $250 million they spend annually at 700 Connecticut suppliers in 100 Connecticut towns.

“Since the American Revolution, the Provision State has earned its reputation as the Submarine Capitol of the World, thanks to our ingenuity and ceaseless resolve,” Gov. Malloy said. “From helicopters, to fighter jets and submarines, Connecticut is a worldwide leader in aerospace and defense manufacturing. Our state’s partnership with General Dynamics Electric Boat will ensure that thousands of good-paying manufacturing jobs continue to grow for years to come. This isn’t just a good deal for southeastern Connecticut, it’s a good deal for residents across the state, where over 700 supply chain companies with locations in over 100 towns will see increased demand from the best submarine maker in the world.”