123rd MAINE LEGISLATURE
		LD 1790		LR 1908(02)
	An Act To Secure Maine's Transportation Future
	Fiscal Note for Bill as Amended by Committee Amendment "     "
	Committee: Transportation
	Fiscal Note Required: Yes
Fiscal Note
Authorization of GARVEE Federal Bonding
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Net Cost (Savings)
	General Fund		$0	$11,035	$19,101,588	$27,811,893
	Highway Fund		$0	$8,276,603	$11,614,845	$11,854,786
Appropriations/Allocations
	General Fund		$0	$0	$4,985,491	$5,090,338
	Highway Fund		$8,012,100	$0	($4,985,491)	($5,090,338)
	Other Special Revenue Funds		$0	$19,163,740	$35,234,247	$43,774,335
Revenue
	General Fund		$0	($11,035)	($14,116,097)	($22,721,555)
	Highway Fund		$8,012,100	($8,276,603)	($16,600,336)	($16,945,124)
	Other Special Revenue Funds		$0	$18,970,437	$34,445,707	$42,512,564
	State Transit, Aviation and Rail Transportation Fund		$0	$0	$7,913,973	$9,828,177
Fiscal Detail and Notes
General Fund Appropriations
	50% funding for State Police program from General Fund		$0	$0	$4,985,491	$5,090,338
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
General Fund Revenue
	Transfer of sales tax revenue from automobile rentals of less than one year to STAR Transportation Fund		$0	$0	($6,261,127)	($6,386,350)
	Transfer of transportation-related sales tax receipts to TransCap Trust Fund and STAR Transportation Fund (Gross)		$0	$0	($8,264,228)	($17,209,136)
	Transfer of transportation-related sales tax receipts - Local Government Fund effect		$0	$0	$429,740	$894,875
	7.5% of gas tax revenue deposited into TransCap Trust Fund		$0	($11,035)	($20,482)	($20,944)
Total General Fund Revenue			$0	($11,035)	($14,116,097)	($22,721,555)
Highway Allocations
	50% funding for State Police program from Highway Fund		$0	$0	($4,985,491)	($5,090,338)
	One-time allocation to Highway and Bridge Improvement program from increased fees		$8,012,100	$0	$0	$0
Total Highway Fund Allocations			$8,012,100	$0	($4,985,491)	($5,090,338)
Highway Fund Revenue
	Net changes in various motor vehicle fees: Highway Fund revenue		$8,012,100	$10,682,800	$10,816,828	$10,953,148
	15% of certain vehicle fees to TransCap Trust Fund		$0	($8,940,165)	($9,029,567)	($9,119,862)
	7.5% of gas tax revenue deposited into TransCap Trust Fund		$0	($7,966,855)	($14,787,597)	($15,121,410)
	7.5% of special fuel tax revenue deposited into TransCap Trust Fund		$0	($2,052,383)	($3,600,000)	($3,657,000)
Total Highway Fund Allocations			$8,012,100	($8,276,603)	($16,600,336)	($16,945,124)
Other Special Revenue Funds
	Transfers to TransCap Trust Fund - MV Fees		$0	$8,940,165	$9,029,567	$9,119,862
	Transfers to TransCap Trust Fund - Sales Tax		$0	$0	$7,437,805	$15,488,223
	Transfers to TransCap Trust Fund - Gas Tax		$0	$8,171,192	$15,166,875	$15,509,250
	Transfers to TransCap Trust Fund - Spec. Fuel Tax		$0	$2,052,383	$3,600,000	$3,657,000
	Other Spec. Revenue - Gas Tax shift		$0	($193,302)	($358,800)	($366,896)
	Local Government Fund - Sales Tax		$0	$0	($429,740)	($894,875)
Total Other Special Revenue Funds Revenue			$0	$18,970,437	$34,445,707	$42,512,564
STAR Transportation Fund
	Transfers from Sales Tax		$0	$0	$826,423	$1,720,914
	Transfers to STAR Transportation Fund		$0	$0	$7,087,550	$8,107,263
	Part D of this bill provides enabling legislation for GARVEE bonds for highway and bridge improvement projects and authorizes a GARVEE bond of up to $50 million for the 2008-2009 biennium.  GARVEE bonds are a type of revenue bond that do not pledge the full faith and credit of the State.  The principal and interest payments of these bonds are paid by future federal transportation grants received by the State.  The Maine Municipal Bond Bank is authorized to assist the state in issuing the GARVEE Bonds.