Kathleen Wynne says green bonds, gas tax to fund Toronto transit
$29 billion over the next decade for transit and transportation infrastructure in Ontario
The governing Liberals are promising to spend $29 billion over the next decade for transit and transportation
infrastructure in Ontario.
Premier Kathleen Wynne says up to $15 billion of the money will be available for the Greater Toronto and Hamilton Area. She says the rest will be available to the rest of the province.
"This is our moment to fix transit for the future, and I'm happy to take our plan to the people," said Wynne, hinting at an election.
Wynne says they'll fund it by raising new money, re-directing existing revenues and debt financing, including green bonds.
She wouldn't say how they'll raise new revenue, saying the details will be in the upcoming budget.
Wynne says she'll re-direct 7.5 cents of HST collected on gas taxes to the project, about $130 million. The asset sale that finance minister Charles Sousa announced Friday would also go toward transit.
Wynne also emphasized a "more serious federal partner" was needed.