| 123rd MAINE LEGISLATURE | ||||||
| LD 2313 | LR 3635(01) | |||||
| An Act To Keep Bridges Safe | ||||||
| Fiscal Note for Original Bill | ||||||
| Sponsor: Rep. Marley of Portland | ||||||
| Committee: Transportation | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| 2007-08 | 2008-09 | Projections 2009-10 | Projections 2010-11 | |||
| Net Cost (Savings) | ||||||
| Highway Fund | $0 | $0 | $0 | $0 | ||
| Appropriations/Allocations | ||||||
| Highway Fund | $0 | $14,268,283 | $0 | $0 | ||
| Other Special Revenue Funds | $0 | $0 | $55,565,400 | $55,565,400 | ||
| Revenue | ||||||
| Highway Fund | $0 | $14,268,283 | $15,565,400 | $15,565,400 | ||
| Transfers | ||||||
| Highway Fund | $0 | $0 | ($15,565,400) | ($15,565,400) | ||
| Other Special Revenue Funds | $0 | $0 | $15,565,400 | $15,565,400 | ||
| Fiscal Detail and Notes | ||||||
| This bill authorizes the Maine Municipal Bond Bank to issue up to $160,000,000 in TransCap Trust Fund revenue bonds beginning in fiscal year 2009-10 through fiscal year 2012-13 for making improvements to bridges. The Maine Municipal Bond Bank will leverage the money in the TransCap Trust Fund and projected revenue to the TransCap Trust Fund to issue revenue bonds not to exceed the cap. The revenue bonds will be supported by an increase of $10 to vanity registration plate, annual registration, and title fees. Beginning July 1, 2009, the fee increases will be transferred from undedicated Highway Fund revenue to the TransCap Trust Fund within the Maine Municipal Bond Bank and will result in an Other Special Revenue Funds transfer of $15,565,400 beginning in fiscal year 2009-10, with a corresponding Other Special Revenue Funds allocation to the Maine Municipal Bond Bank in the same amount for debt service payments on the revenue bonds. An Other Special Revenue Funds allocation will be made to the Department of Transportation beginning in fiscal year 2009-10 of $40,00,000 for capital improvements to bridges. | ||||||
| Since the transfer of fee increases to the TransCap Fund does not begin until July 1, 2009, there will be an increase to undedicated Highway Fund revenue in fiscal year 2008-09 of $14,268,283. The Department of Transportation will require an allocation of the same amount in fiscal year 2008-09 for capital projects. | ||||||
| Additional costs to the University of Maine System to work with the Department of Transportation to implement a bridge innovation and composites initiative can be absorbed within existing budgeted resources. | ||||||