“TORONTO – Ontario will embark on a $29-billion transportation plan funded through redirected gas taxes and new “green” bonds, Premier Kathleen Wynne says.
The goal is to spend about $15 billion in the Greater Toronto and Hamilton Area and up to $14 billion in the rest of the province.
“Twenty-nine billion dollars over the next 10 years to invest in transit and transportation infrastructure around the province,” Wynne said Monday. “It’s a very important announcement for the economy — the economy in Ontario is getting going, recovering, but we have to make sure that we make the right investments at this moment to keep that recovery on track.”
The premier revealed a multi-pronged plan to secure the funding.
HST collected on gasoline and road diesel taxes plus seven-and-a-half cents of existing gas taxes will be put into a dedicated fund to pay for “Moving Ontario Forward.”
The government will also go ahead with a “Green Bonds” program, which is another way for it to borrow money.”
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