Maine Transportation Bonds Ballot Question (1998)
From Ballotpedia
A Maine Transportation Bonds Ballot Question, on the ballot as Question 1 was on the June 9, 1998 primary election ballot in Maine.
- It was approved with 74.4% of voters in favor.
Text of the proposal
The language that appeared on the ballot:
Do you favor a $36,985,000 bond issue for improvements to municipal and state roads, airports, state ferry vessels and terminals, transit facilities and equipment, and rail and marine facilities?
This Act would authorize the State to issue bonds in an amount not to exceed $36,985,000 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, which qualify the State for matching federal funds, would be expended by the State Department of Transportation for airport improvements ($1 million), marine facility, ferry vessel and terminal improvements ($17,710,000), rail facility improvements ($3.5 million), transit facilities and equipment ($325,000), highway improvements and collector road award program ($4.7 million) and local road assistance program ($9,750,000).
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 $36,985,000 bond issue for surface, air, water and rail transportation improvements.
A "NO" vote disapproves the bond issue.
Total estimated lifetime cost is $56, 402,125, representing $36,985,000 in principal and $19,417,125 in interest (assuming interest at 5% over 20 years).
See also
External links
- Citizen's guide to the June 9, 2008 ballot measures in Maine (PDF)
- Tabulation of the vote for the June 9, 2008 ballot measures in Maine
- Bond issues on the Maine ballot
