Joyce Committee Discharges Environmental Bond Bill

BOSTON – The Senate Committee on Bonding, Capital Expenditures and State Assets, chaired by Senator Brian A. Joyce, has approved out a five-year, $1.7 billion Environmental Bond Bill that supports both ancient resources and cutting edge technology.

The bill makes an investment in one of the most basic resources to aid the Commonwealth in energy preservation and stormwater management: trees.

“Trees not only increase the aesthetic beauty of our communities, their canopies are already helping communities across the Commonwealth save millions in energy costs,” said Joyce. “Additionally, several major US cities are using tree plantings to decrease stormwater by as much as 20 percent.”

The legislation also supportss the Green Bonds program administered by the Treasury which goes toward clean drinking water projects, energy efficiency and conservation in state buildings, river revitalization and habitat restoration projects, and more. Massachusetts is the first in the nation to offer Green Bonds, which have attracted bids from 154 retail investors, including orders from 7 new investors.

It also creates the Water Infrastructure Trust Fund, which will help foster new innovation and drive economic development and job growth. Massachusetts is now home to nearly 300 water industry companies, organizations and institutions that create local jobs in a global market estimated to generate nearly $4 billion in annual revenues.

Finally, the bill reduces the terms of the bonds which would save taxpayers millions of dollars over the life of the bonds.