DES MOINES (AP) - Iowa Gov. Chet Culver is asking the Legislature to use the state's bonding authority to borrow $700 million to pay for rebuilding after last summer's record flooding as well as repairs to the state's aging infrastructure.

The tax-exempt revenue bonds would be repaid over 20 years with spending from the fund governed by a new five-member Rebuild Iowa Infrastructure Board, according to background documents provided to The Associated Press.

Culver says he wants to repay the bonds by using $56 million a year in gambling profits.

The governor will announce the plan this morning during his annual condition of the state speech to a joint session of the Legislature.

Beginning at 10 a.m., you can join a live blog about Culver's speech.

CLICK HERE TO JOIN A LIVE BLOG ABOUT THE STATE OF THE STATE ADDRESS.