Baldacci releases $79M bond details

Gov. John Baldacci yesterday released the details of a $79 million bond package that he says will create nearly 2,000 jobs and preserve thousands more.

Baldacci first floated the idea of a jobs bond last week as part of proposed budget changes, only one day after Democratic leaders proposed a $99 million jobs bond, according to a press release. The bulk of the bond package, $62 million, would fund transportation projects. Another $17 million is slated for energy and environmental projects.

Included in the proposal:

• $28 million for highway reconstruction and paving, creating an estimated 750 jobs
• $17 million to buy 240 miles of railroad track in northern Maine owned by Montreal, Maine & Atlantic Railway, to preserve between 750-1,000 jobs
• $8 million for the deep-water megaberth at the Ocean Gateway International Terminal in Portland, creating 96 jobs
• $7 million for water and wastewater projects, creating an estimated 551 jobs
• $5 million for rail improvements in Lewiston-Auburn, creating 75 jobs
• $5 million for the Maine Industrial Energy Efficiency Grant Program, which funds improvements for large companies and manufacturers, and will be matched by $25 million in private funding. The program would create an estimated 320 jobs.
• $5 million for wind energy component manufacturing at the University of Maine

Baldacci included $2.6 million in the proposed changes to the current two-year budget to cover anticipated debt service for the bond. He said his bond proposal is no greater than 5%-6% of the state’s overall revenue-to-debt profile and well below the national average of debt-per-capita ratings, according to the Maine Public Broadcasting Network.

Any bond package must receive a two-thirds vote from the Legislature before being sent to voters. But Senate Minority Leader Kevin Raye, R-Perry, said “there’s still significant concern among Republicans” regarding additional borrowing by the state, according to MPBN.

In related news, another $46 million in Medicaid funds are expected to come to the state on top of the $35 million already anticipated, according to the Kennebec Journal. 

Go to the article from MPBN >>
Go to the article from the Kennebec Journal >>