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March 21, 2011

Poliquin seeks more control over bonds

By Mainebiz News Staff

State Treasurer Bruce Poliquin has proposed legislation to give voters more say over state debt and expand his control of the state's fiscal affairs.

The legislation would require all bonds issued by state-created agencies to be approved by voters, unless the Legislature exempts them, according to Capitol News Service. Gov. Paul LePage has been quoted as saying he opposes all borrowing that is not approved by voters. The proposed law would also give the state treasurer the authority to allocate tax-exempt bonding, particularly bonds used for student loans, housing and various economic development programs. The current allocation is $278 million a year, according to the news service.

House minority leader Rep. Emily Cain, D-Orono, told the news service the legislation would mark a major shift in power for the treasurer's office, could slow economic development and undermines the authority of the boards already overseeing the bonding for their programs.

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