Maine Transportation Bond Act, Question 4 (1997)
|Maine Question 4|
Text of measure
The language that appeared on the ballot:
Do you favor a $56,850,000 bond issue for improvements to municipal and state roads, state and local bridges, airports, state ferry vessels and terminals and rail and marine facilities?
This Act would authorize the State to issue bonds in an amount not to exceed $56,850,000 to raise funds to match available federal funds for surface, air, water and rail transportation improvements. 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 of the sale of the bonds would be expended by the State Department of Transportation and would be used to match federal funds for the local road assistance program ($13,500,000), state and local bridges ($23,800,000), collector roads and bridges ($3,000,000), highway and bridge improvements and collector road award program ($9,550,000), airport improvements ($1,500,000), ferry vessels and terminal improvements ($710,000), marine and harbor facility improvements ($1,440,000) and rail facility improvements ($3,350,000).
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 $56,850,000 bond issue for surface, air, water and rail transportation improvements.
A "NO" vote disapproves the bond issue.
Total estimated life time cost is $88,785,487.50 representing $56,850,000.00 in principal and $31,935,487.50 in interest (assuming interest at 5.35% over 20 years).
- Citizen's guide to the November 4, 1997 ballot questions in Maine
- Tabulation of the vote for the November 4, 1997 ballot questions
- Votes on Maine bond issues