Bond Issue - Transportation

Maine Ballot Measure - Question 1

Election: Special June 1, 2007 (Special)
Outcome: Passed

Yes: 83477  (71.37%)
No: 33486  (28.63%)



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 $112,975,000 to raise funds for a variety of transportation projects. 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 of the sale of the bonds would be expended by the Department of Transportation for projects statewide in the following amounts: $100,000,000 for highway and bridge improvement projects; $3,850,000 for passenger and freight rail improvements; $3,650,000 on transit and bus facilities; $3,200,000 for public airport improvement projects; $1,775,000 for statewide small harbor improvements and the Portland International Marine Terminal; and $500,000 to support local community bicycle and pedestrian trails. Most of these projects would be matched by federal and local funds. 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 approves authorization of a $112,975,000 bond issue to finance all of the above activities. A "NO" vote disapproves the bond issue in its entirety. Debt Service Prepared by the Office of the Treasurer Total estimated life time cost is $147,149,937.50 representing $112,975,000.00 in principal and $34,174,937.50 in interest (assuming interest at 5.5% over 10 years). Fiscal Impact Statement Prepared by the Office of Fiscal and Program Review This bond issue has no significant fiscal impact other than the debt service costs identified above. Public Comments No public comments were filed in support or in opposition to Question 1.

Measure Text

Do you favor a $112,975,000 bond issue for improvements to highways and bridges, airports, public transit facilities, ferry and port facilities including port and harbor structures and bicycle and pedestrian trails that makes the State eligible for over $260,525,000 in federal and other matching funds?


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