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Maine Transportation Development and Improvement, Question 3 (2001)

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The Maine Transportation Development and Improvement Bond Issue, also known as Question 3, was on the November 6, 2001 ballot in Maine as a legislatively-referred bond question, where it was approved. The measure issued $61 million in bonds for improvements to and the development of transportation systems. Specifically, $37 million went to highway and bridge improvements, $4.75 million to airport improvements, $7.6 million to rail development, $2.35 for ferry system improvements, $1.65 million for transit improvements, $4 million to intermodal improvements, $1 million to marine development, $1.5 million to small harbor development and $750,000 to trail development. These funds provided the state match for federal funding for some of these projects.[1][2]

Election results

Maine Question 3 (2001)
ResultVotesPercentage
Approveda Yes 162,071 74.18%
No56,40725.82%

Election results via: Maine Secretary of State, Elections Division: Referendum Election Tabulations, November 6, 2001

Text of measure

The language appeared on the ballot as:[1]

Question 3: Bond Issue

Do you favor a $61,000,000 bond issue for improvements to highways and bridges, airports, public transit and ferry facilities; development of rail, trail and marine infrastructure; and improvements to intermodal facilities statewide that makes the State eligible for up to $120,800,000 in matching federal funds? [3]

Summary

The following description of the intent and content of this measure was provided in the Maine Citizen's Guide to the Referendum Election:

This Act would authorize the State to issue bonds in an amount not to exceed $61,000,000 in order to match available federal funds for improvements to highways and bridges, airports, public transit, ferry systems and intermodal facilities, and to establish infrastructure for rail, trail and marine developments. The bonds would run for a period not longer than 10 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 federal matching funds, would be expended by the Department of Transportation as follows:

IandC for Q3 ME2001.PNG

If approved, the bond authorization would take effect 30 days after the Governor's proclamation of the vote.

A statement of the Treasurer describing the financial considerations of this bond issue is published together with this statement.

A "YES" vote approves the authorization of a $61,000,000 bond issue for surface, air, water and rail transportation improvements.

A "NO" vote disapproves the bond issue. [3]

Maine Secretary of State, [1]

Fiscal note

The total estimated life time cost of the bonds was $77,523,375, with $61,000,000 in principal and $16,523,375 in interest, assuming interest at 4.93% over 10 years.[1]

See also

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