In his Condition of the State address to the Iowa legislature Tuesday, Gov. Culver said he wants lawmakers to use the state's bonding authority to pay for flood recovery and repair aging infrastruture.

Culver asked lawmakers to borrow $700 million. The tax-exempt bonds would be repaid over 20 years with spending from the fund governed by a new Rebuild Iowa Infrastructure Board. Iowa would repay the bonds by using $56 million a year in gambling profits.

Culver also asked lawmakers to spend $43 million immediately on flood relief. That money would come from the state's cash reserves.

Culver said his plan would deal with the natural disasters of last summer and the growing economic recession. He said it's time for Iowa to begin "investing in itself, investment that's been delayed for decades."