Linchpin legislation to pay Maine’s Medicaid debt to hospitals was signed into law last week, triggering Gov. Paul LePage to order the issuance of $105 million in voter-approved bond funds that he had refused to release until now. While the bill cleared LePage’s desk, state Finance Commissioner Sawin Millett told WCSH6 that the Legislature needs […]
Linchpin legislation to pay Maine’s Medicaid debt to hospitals was signed into law last week, triggering Gov. Paul LePage to order the issuance of $105 million in voter-approved bond funds that he had refused to release until now.
While the bill cleared LePage’s desk, state Finance Commissioner Sawin Millett told WCSH6 that the Legislature needs to finish crafting its two-year budget before it can update financial statements required to issue the bonds.
At press time, Millett told the Portland Press Herald he expected LePage to veto the $6.3 billion budget passed by the Legislature while LePage spokeswoman Adrienne Bennett said the governor planned to take his full 10-day allowance before making a decision on the budget.
With that budget in hand, the state can get a new bond rating before selling $40 million in bonds approved by voters several years ago and another $45 million approved last year.
The largest of the bond projects includes $51.5 million in highway, bridge, port and other transportation projects around the state. The bonds also include money for land conservation, sewer systems and a $7 million bond to open a four-year dental school at the University of New England.
State Treasurer Neria Douglass told WCSH6 that she expects the state to pay back its Medicaid debt to hospitals through a separate revenue bond by September and Millet said the sale of $85 million of the $105 million in voter-approved bonds should be completed in time for some projects to begin this fall.
Another $19 million in approved bonds would be sold sometime next year.
