Treasurer Fitch critical of state borrowing

Treasurer Lynn Fitch called the Legislature’s decisions on borrowing for special projects deeply disappointing and hypocritical in a letter to state leaders.

She said some of the state’s bonds don’t meet the qualifications for tax-exempt status, are vague and could threaten the state’s credit rating.

“Several items in the over $308 million bill … lack any specificity. Bonds are borrowed to cover specific projects, not simply for ‘paying costs associated with infrastructure and infrastructure related projects,'” Fitch wrote.