INDIANAPOLIS — State Sen. Karen Tallian, D-Ogden Dunes, won Senate approval Tuesday for a third infrastructure funding option, in case Hoosiers reject the plans for tax hikes and spending cuts that are pending in the House.
In a unique twist, the legislation requires the debt first be offered to the Indiana Public Retirement System to purchase as both an investment on behalf of its public employee members as well as an investment in the state.
Should INPRS pass on the purchase option, or not buy all $500 million, the bonds then would be offered for sale to the public.
"It would be a patriotic way of showing support for Indiana," said state Sen. Luke Kenley, R-Noblesville, a co-sponsor, along with state Sens. Ed Charbonneau, R-Valparaiso, and Lonnie Randolph, D-East Chicago.
Tallian did not specify how the borrowed money would be used. She said that's still "a work in progress."
Her proposal now advances to the Republican-controlled House which in recent years has aggressively opposed debt-funded state spending.
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