Bill > LD1292

This bill codifies the Maine Turnpike Authority's financial obligations to the Highway Fund by establishing a detailed process for quarterly transfers of excess revenues. Specifically, the bill requires the Authority to transfer to the Highway Fund any revenues and reserves that exceed a carefully calculated sum, which includes the Authority's operating budget (with a 10% contingency), maintenance reserve fund, debt service funds, debt service support, required reserves for turnpike maintenance, and any additional amounts for approved planning or capital projects. The bill specifies that these additional projects must be reviewed and approved by both the Department of Transportation and the Legislature, must be deemed a higher funding priority than other department projects, and must align with the Sensible Transportation Policy Act. The legislation also makes technical amendments to existing law, clarifying the Authority's ability to make payments to the federal government and establishing a clear mechanism for contributing excess funds to the Highway Fund. By doing so, the bill aims to provide more transparency and structure to the Maine Turnpike Authority's financial contributions to the state's transportation infrastructure.

Transportation and Infrastructure

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1292&snum=132