Intent and Content
Prepared by the Office of the Attorney General
This Act would authorize the State to issue general obligation bonds in an amount not to exceed one hundred million dollars ($100,000,000), 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.
Proceeds from the sale of these bonds would be administered by the Department of Transportation for the following purposes:
Highways Forty-four million dollars ($44,000,000) would be expended to reconstruct or rehabilitate state highways that have been designated as Priority 1, 2 or 3 by the Department of Transportation in accordance with the state statute (23 M.R.S. § 73(7)) that requires the Department to establish priorities, customer service levels and goals for capital improvements to the States public highways. Specific projects are identified in the Departments Work Plan, which is published every year and is available at www.mainedot.gov. It is anticipated that these bond proceeds would make the State eligible for approximately forty-eight million dollars ($48,000,000) in federal matching funds.
Secondary roads Five million dollars ($5,000,000) would be used to repair secondary roads in partnership with municipalities pursuant to the existing Municipal Partnership Initiatives program described on the Departments web site at www.maine.gov/mdot/csd/mlrc/mpi.htm), and the Secondary Road Program established in statute (23 M.R.S. § 1803-C). Both programs generally require municipalities to contribute 50% or more of the project costs. Accordingly, these bond proceeds are expected to be matched by approximately five million dollars ($5,000,000) in local funds from the participating municipalities.
Bridges Twenty-seven million dollars ($27,000,000) would be expended to replace or rehabilitate existing bridges. Specific projects are outlined in the Departments Work Plan, as noted above. These funds are expected to make the State eligible for approximately $30,000,000 in federal funds.
Multi-modal projects Twenty-four million dollars ($24,000,000) would be spent on a variety of projects, including facilities and equipment related to ports, harbors, marine transportation, aviation, railroads (both passenger and freight), and transit (public transportation), as well as acquisition of property and capital improvements at the International Marine Terminal in Portland. The investment of these bond proceeds is expected to generate up to fifty-two million dollars ($52,000,000) in federal funds and up to nineteen million dollars ($19,000,000) in local and private funds.
If approved, the authorization of these bonds would take effect 30 days after the Governors proclamation of the vote.
A YES vote approves the issuance of up to one hundred million dollars ($100,000,000) in general obligation bonds to finance the activities described above.
A NO vote disapproves the bond issue in its entirety.
Do you favor a $100,000,000 bond issue for reconstruction and rehabilitation of highways and bridges and for facilities or equipment related to ports, harbors, marine transportation, freight and passenger railroads, aviation and transit, to be used to match an estimated $154,000,000 in federal and other funds?