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December 15, 2008

Baldacci to propose R&D, transportation bonds

By The Mainebiz News Staff

Gov. John Baldacci plans to present to the Legislature a "significant" research and development bond package and a transportation bond, according to the Bangor Daily News.

Baldacci declined to set specific amounts, which will be determined by the state budget and the Legislature's approval, the governor told the paper. Persuading lawmakers and voters to invest in R&D and transportation infrastructure will be tough during a recession, but developing cutting-edge technology is crucial for job creation in Maine, he said.

Over this budget year and for the following two-year budget cycle, Maine will pay off $208.8 million in bonds for the state's General Fund and its highway fund. Voters already have approved bonded debt increases over that same period totaling $240 million, the paper reported.

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