Deal struck to end $600M impasse over transportation bonds
Gov. Paul LePage and state Treasurer Terry Hayes ended their impasse late Wednesday over the selection of a Dallas law firm to oversee the state's bonds as they go to market, putting $110 million in transportation bonds, and $500 million in matching funds, back on track for this year’s construction season.
The Bangor Daily News reported that the two sides met Wednesday and arrived at a middle ground, with LePage agreeing to allow the Texas law firm to represent the state during the June bond sale, and Hayes agreeing to put the rest of the contract out to a new bid by July under terms agreeable to the governor.
“The only motivation in doing this is to get the construction season back underway and I didn’t see any other way to do it,” Hayes told the newspaper.
LePage issued the following statement after the deal was reached: “It is absolutely critical the state supports our construction industry, and I appreciate Treasurer Hayes’s cooperation with me to ensure these jobs are not jeopardized. This was never a political disagreement; rather it was a procedural one. Most importantly, Mainers can now get to work on improving our roads, bridges and other infrastructure that is so vital to our economy.”
Matthew Marks, CEO of Associated General Contractors of Maine, told the Portland Press Herald that the agreement allows the Maine Department of Transportation to restart a normal bid schedule.
“Our fear was, if this went into next week, you could see the work window decrease,” he told the newspaper. “Because the deal was done in a timely fashion, it means we are not going to lose any jobs and kick them off into next year.”
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