Griffin Focuses On Toll Road Plan In State Treasurer Race
July 28, 2016 at 4:25 p.m.
Democratic state treasurer candidate Michael Griffin is focusing in his campaign on using proceeds from a long-term lease of the Indiana Toll Road to generate construction funding for the next 75 years.
Griffin faces Republican Richard Mourdock in the Nov. 7 general election race. Tim Berry serves as the current state treasurer.
Griffin, of Highland, was elected clerk-treasurer of Highland in 1991 and has served four terms in the office.
He holds a bachelor's degree from Indiana University in political science, and a master's degree in public management from Indiana University Northwest. He is an adjunct instructor at Indiana University Northwest where he teaches courses in urban policy, local government and public finance.
Griffin, who has never run for a statewide political office before, wants to move the treasurer's office toward more e-banking so less paper and resources are used, and improve data management for tax collection.
He is supporting what he calls the Griffin Plan - a proposal to invest the proceeds from the 75-year lease of the Indiana Toll Road in a different way so that it lasts the length of the lease instead of covering just the next 10 years' worth of road construction.
Griffin said according to his funding plan, Indiana could turn $2.475 billion into more than $11 billion over the course of the lease.
"Instead of just spending the money we have in the bank right now, I want to extend our buying power until we regain control of the Indiana Toll Road," Griffin said.
He said Gov. Mitch Daniels plans to use the lease proceeds to fund construction for the next decade, at which point most of the original payment will be gone.
Griffin said the governor has suggested leasing or privatizing other assets, including the highly anticipated Interstate 69 extension in Southwestern Indiana for additional profit.
According to Griffin's plan, after payments to counties along the Toll Road, an apportionment of $500 million to the "Next Generation Trust Fund" and other expenses, the state will have $2.475 billion remaining from the original $3.85 billion lease payment.
Griffin's plan would place that remaining amount, along with the $500 million trust fund, into what he is calling the "Next Generation Trust Fund" for a total of almost $3 billion. The money would then be reinvested over the term of the lease, producing more than $11 billion total over the next 75 years. [[In-content Ad]]
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Democratic state treasurer candidate Michael Griffin is focusing in his campaign on using proceeds from a long-term lease of the Indiana Toll Road to generate construction funding for the next 75 years.
Griffin faces Republican Richard Mourdock in the Nov. 7 general election race. Tim Berry serves as the current state treasurer.
Griffin, of Highland, was elected clerk-treasurer of Highland in 1991 and has served four terms in the office.
He holds a bachelor's degree from Indiana University in political science, and a master's degree in public management from Indiana University Northwest. He is an adjunct instructor at Indiana University Northwest where he teaches courses in urban policy, local government and public finance.
Griffin, who has never run for a statewide political office before, wants to move the treasurer's office toward more e-banking so less paper and resources are used, and improve data management for tax collection.
He is supporting what he calls the Griffin Plan - a proposal to invest the proceeds from the 75-year lease of the Indiana Toll Road in a different way so that it lasts the length of the lease instead of covering just the next 10 years' worth of road construction.
Griffin said according to his funding plan, Indiana could turn $2.475 billion into more than $11 billion over the course of the lease.
"Instead of just spending the money we have in the bank right now, I want to extend our buying power until we regain control of the Indiana Toll Road," Griffin said.
He said Gov. Mitch Daniels plans to use the lease proceeds to fund construction for the next decade, at which point most of the original payment will be gone.
Griffin said the governor has suggested leasing or privatizing other assets, including the highly anticipated Interstate 69 extension in Southwestern Indiana for additional profit.
According to Griffin's plan, after payments to counties along the Toll Road, an apportionment of $500 million to the "Next Generation Trust Fund" and other expenses, the state will have $2.475 billion remaining from the original $3.85 billion lease payment.
Griffin's plan would place that remaining amount, along with the $500 million trust fund, into what he is calling the "Next Generation Trust Fund" for a total of almost $3 billion. The money would then be reinvested over the term of the lease, producing more than $11 billion total over the next 75 years. [[In-content Ad]]