Maine Transportation Bond Act, Question 3 (1999)
|Maine Question 3 1999|
Text of measure
The language that appeared on the ballot:
Do you favor a $56,042,031 bond issue for improvements to highways and bridges, airports and state-owned ferry facilities; development of rail corridors and marine infrastructure; and replacement of public transportation fleets statewide?
This Act, would authorize the State to issue bonds in an amount not to exceed $56,042,031 to raise funds to match available federal funds for improvements to highways and bridges, airports and state-owned ferry facilities; develop rail corridors and marine infrastructure; and replace public transportation fleets statewide. The bonds would run for a period of not longer than 20 years from the date of issue and would be backed by the full faith and credit of the State.
The proceeds from the sale of the bonds, which qualify for matching federal funds would be expended by the State Department of Transportation as follows:
Highways and Bridge Improvements: $19,226,031 Airports: $ 3,000,000 State-owned Ferry Facilities: $ 1,000,000 Rail Corridor Development: $19,700,000 Marine Infrastructure: $11,676,000 Transit: $ 1,440,000
Total estimated life time cost is $85,464,097 representing $56,042,031 in principal and $29,422,066 in interest (assuming interest at 5.00% over 20 years).
- Citizen's guide to the November 2 ballot questions in Maine
- Referendum election in Maine, November 2
- Election results, Questions 1-3
- Votes on Maine bond questions