Dems propose $99M jobs bond
Democratic leaders yesterday unveiled a $99.2 million bond package aimed at creating jobs, but the proposal has been met with some opposition.
The largest allocations in the bond package are $47.5 million for highway construction and $25 million for rail line acquisition and improvements in Aroostook and Androscoggin counties, according to Capitol News Service. The rail allocation would fund the $20 million purchase of 233 miles of rail lines that owner Montreal, Maine & Atlantic Railway is planning to abandon, as well as $5 million for passenger rail service in the Lewiston-Auburn area, according to the Kennebec Journal. It also includes $5.2 million for water and sewer projects that will leverage nearly $30 million in additional federal funds, as well as $20 million for energy improvements at schools and colleges.
While supporters of the bond say it would fuel job growth to help the state pull out of the recession, some Republicans oppose the measure because payments on the bond would come at the expense of restoring depleted funds for education and health services, according to Capitol News Service.
Finance Commissioner Ryan Low said yesterday there may be competing borrowing priorities to the bond proposal in Gov. John Baldacci's budget recommendations submitted to the appropriations committee today. He said any additional bonds will take additional funding to pay for interest and principal within the current two-year budget.
If approved, the borrowing package would join three bond proposals already on the June 8 referendum that total nearly $69 million.
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Go to the article from the Kennebec Journal >>
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