Maine affected by financial meltdown
Maine bond officials hit a roadblock this week after being told by Wall Street traders they could not float a $50 million transportation bond because there's no market for it, according to the Portland Press Herald.
The board of directors for the Maine Municipal Bond Bank voted Wednesday to wait until the financial crisis stabilized before selling the $50 million TransCap bond, which is meant to pay for 10 highway reconstruction projects, sometime before Nov. 15 at an interest rate no higher than 5.5%, the newspaper reported. Just a week ago, the interest rate for the AA-rated revenue bond would have garnered a roughly 3.8% interest rate.
The stalled bond created no immediate problems for the Department of Transportation, but if the state can't find a buyer for the bond before mid-November, 1,700 road construction jobs could be affected.
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