Governor-elect Terry Branstad would prefer not to spend I-JOBS money that has not already been allocated, but he may not be able to prevent spending those funds on infrastructure. On Thursday, Branstad taped this weekend’s episode of Iowa Public Television’s “Iowa Press”, and Kay Henderson asked him what he planned to do with I-JOBS money that had not already been handed out. Branstad responded,

“First of all, I think most of it has already been spent,” Branstad says. “But that that hasn’t been spent, my general inclination is to say it shouldn’t be spent.” […]

Branstad, who takes office on January 14, says he has no intention of trying to reclaim any state grants that have already been awarded, but he’s going to “analyze” his options for whatever remains in the I-JOBS account.  

“I want to evaluate each and every project based on its merits,” Branstad says. “I don’t think we should just be willy-nilly trying to spend money. Instead, I want to look at protecting the taxpayers’ interest in the process, but if there’s a project that’s been obligated, then we have the responsibility to fulfill it.”

Iowa has already sold all $875 million of I-JOBS bonds. More than $665 million of the bond proceeds have been awarded to specific projects. The incoming governor’s options for dealing with the remaining $200 million are limited:

Deputy Iowa Treasurer Stefanie Devin said it was unlikely that Branstad could stop any of the projects because of rules for how the money is spent.

“They are tax-exempt bonds,” Devin said. “They have to be spent on capital projects. It’s not like you can sit on that money for 20 years.”

I doubt Branstad will be able to find a way around spending this money. Once all the grants have been awarded, he may even quietly acknowledge the benefits of infrastructure projects around the state. I wouldn’t be surprised to see him smiling for the cameras next year at grand openings for projects I-JOBS made possible. Who knows–maybe someday New Jersey Governor Chris Christie (who’s borrowed more in one year than Chet Culver did in four) will persuade Branstad that selling bonds to invest in infrastructure can be “fiscally responsible.”