Lawmakers on Monday approved a $57.8 million bond package that will go before voters during primary elections and referendum voting June 8.
The bond package started at $99 million when presented by Democratic leadership in March and went through three revisions before passing muster with lawmakers.
Following weekend negotiations, newly approved bonds totaling $44.3 million will be presented alongside three bonds approved by lawmakers in June 2009.
A weeklong negotiation resulted in removing some $50 million in originally proposed borrowing after a 30-to-5 vote in the Senate April 12 helped deliver the slimmed-down bond package to Gov. Baldacci.
Senators on April 8 rejected an $85 million bond package approved by the House, and chipped away at argument bonds that would help create jobs with a vote of 19-16. The vote was short of the two-thirds majority needed to send the emergency legislation to a full vote.
Democratic lawmakers then recessed the legislature, with directions to find compromise.
Senate Minority Leader Kevin Raye (R-Washington) had rejected larger bond packages, but embraced the compromise April 12.
“I’m pleased that Senate Republicans stood together to block passage of the unaffordable $85 million bond package approved by the House. By doing so, we were able to force negotiations to scale it back as well as eliminate $13.5 million in bonds previously approved by the Legislature for this year’s June and November ballots,” Sen. Raye said.
“The final price tag of $44.3 million represents nearly a 50-percent reduction in the cost of the original proposal,” Sen. Raye said.
Democratic lawmakers argued the state’s bond rating from Standard and Poor’s supports additional borrowing. The state’s indebtedness rate is currently the lowest in New England, Democratic leaders argued. A release submitted by the House office indicated one-percent of personal income accounts for tax-supported debt.
Democratic leadership believes the bonds will help create jobs.
“Putting people to work was our number one goal,” said Senate President Elizabeth Mitchell in a press release from Democratic leadership. “While I would have preferred to invest $85 million and put more people to work, this package will still make it possible for thousands of Maine people to earn paychecks this summer.”
“This is a timely and targeted jobs package that will make key investments in our infrastructure and keep Maine people working,” said Speaker of the House Hannah Pingree. “Unemployment is too high. We need to ensure that this summer is a busy one for Maine’s construction industry. This is a package that we can afford and one that we need to send out to Maine voters.”
Secretary of State Matthew Dunlap on Wednesday was scheduled to order the ballot questions for the June referendum. How the bonds will win favor with voters remains to be seen.
“While I would have preferred an even smaller package overall, I believe the final negotiated product is a positive outcome that will benefit Maine and its people,” Sen Raye said. “Maine’s voters will now have an opportunity to pass judgment on each of the bond issues. I think the transportation piece is likely to receive strong voter support, but the proponents of other questions will need to be prepared to make a strong case to win voter approval this year.”