Bill > LD367

This bill authorizes two separate $100 million general obligation bond issues for transportation infrastructure improvements, each to be put to a public referendum in November 2025 and November 2026, respectively. The bond proceeds will be managed by the State Treasurer and allocated entirely to the Department of Transportation, with $85 million designated for road and bridge improvements and $15 million for nonhighway transportation modes (such as public transit, bicycle infrastructure, or pedestrian pathways). The bonds will have a maximum 10-year term, and any bonds not issued within 5 years of ratification will be deauthorized, though the Legislature can extend this period by up to 5 additional years. The bonds represent a full faith and credit pledge by the State, meaning the state guarantees repayment. To become effective, each bond issue must be approved by a majority vote in its respective statewide referendum, with voters asked to directly approve the "$100,000,000 bond issue for improvements to roads and bridges and nonhighway modes of transportation." Any unspent bond proceeds will ultimately be used for retiring general obligation bonds, ensuring fiscal responsibility and preventing unused funds from lingering indefinitely.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=367&snum=132