Intent and Content
Prepared by the Office of the Attorney General
This Act would authorize the State to issue bonds in an amount not to exceed $71,250,000 to raise funds for a variety of projects, as described below. The bonds would run for a period not longer than 10 years from the date of issue and would be backed by the full faith and credit of the State. Fifty million dollars ($50,000,000) of the bond proceeds would be placed in the Highway Fund and the remainder would be in the General Fund.
The Department of Transportation would expend $69,750,000 of the bond proceeds for the following types of projects:
$55,000,000 for highway and bridge improvement projects statewide;
$ 5,750,000 for improvements to the ports at Eastport and Searsport;
$ 4,000,000 for improvements to state-owned rail lines and investments in the Industrial Rail Access Program and the Critical Rail Corridors Program;
$ 2,000,000 for improvements to publicly owned airports;
$ 1,000,000 for ferry facilities;
$ 1,000,000 for the LifeFlight Foundation, a non-profit foundation that supports a statewide medical helicopter service used to transport critically ill and injured patients to hospitals;
$ 400,000 to continue development of the Acadia Gateway Intermodal Center in Trenton;
$ 400,000 for improvements to island airports; and
$ 200,000 for upgrades to the Augusta airport.
The Department of Economic and Community Development would expend the remaining $1,500,000 of the proceeds of sale of the bonds to rebuild a bulkhead and wharf at the Gulf of Maine Research Institute in Portland.
If approved, the bond authorization would take effect 30 days after the Governor's proclamation of the vote.
A statement of the Treasurer describing the financial considerations of this bond issue is published together with this statement.
A "YES" vote favors authorizing the $71,250,000 bond issue to finance all of the above activities.
A "NO" vote opposes the bond issue in its entirety.
Prepared by the Office of the Treasurer
Total estimated life time cost is $90,843,750 representing $71,250,000 in principal and $19,593,750 in interest (assuming interest at 5% over 10 years).
Do you favor a $71,250,000 bond issue for improvements to highways and bridges, airports, public transit facilities, ferry and port facilities, including port and harbor structures, as well as funds for the LifeFlight Foundation that will make the State eligible for over $148,000,000 in federal and other matching funds?