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123rd MAINE LEGISLATURE |
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LD 2313 |
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LR 3635(02) |
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An Act To Keep
Bridges Safe |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Transportation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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2007-08 |
2008-09 |
Projections 2009-10 |
Projections 2010-11 |
| Net Cost
(Savings) |
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Highway Fund |
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$0 |
$0 |
$0 |
$0 |
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| Appropriations/Allocations |
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Highway Fund |
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$0 |
$12,971,000 |
$0 |
$0 |
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Other Special Revenue Funds |
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$0 |
$0 |
$55,565,400 |
$55,565,400 |
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| Revenue |
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Highway Fund |
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$0 |
$12,971,000 |
$15,565,400 |
$15,565,400 |
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| Transfers |
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Highway Fund |
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$0 |
$0 |
($15,565,400) |
($15,565,400) |
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Other Special Revenue Funds |
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$0 |
$0 |
$15,565,400 |
$15,565,400 |
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| Fiscal Detail
and Notes |
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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.
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Since the fee
increases are effective September 1, 2008, and 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
$12,971,000. The bill includes an
allocation to the Department of Transportation of $12,971,000 in fiscal year
2008-09 for capital projects.
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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.
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