An Act To Hold the Maine Turnpike Authority Accountable for Its Obligation under Maine Law To Transfer Annual Surplus Revenue to the Department of Transportation for Road and Bridge Projects around the State

Sec. 1. 23 MRSA §1974-A  is enacted to read:

§ 1974-A.  Revenues for the Department of Transportation

Pursuant to section 1961, subsection 2, the authority shall authorize any operating surplus of the turnpike to be transferred each year to the department for the costs of construction, reconstruction, operation and maintenance of state and state aid highways.

Sec. 2. Maine Turnpike Authority; report to the Legislature. The Maine Turnpike Authority shall submit a report to the Joint Standing Committee on Transportation no later than January 15, 2012 regarding the amount of operating surplus provided to the Department of Transportation annually after December 31, 1999 according to the Maine Revised Statutes, Title 23, section 1961. The report must include, but is not limited to, a detailed explanation and financial accounting information for the years in which an operating surplus did not occur. After reviewing the report, the joint standing committee may submit a bill to the Second Regular Session of the 125th Legislature concerning the subject matter of the report.

SUMMARY

Under current law, the Maine Turnpike Authority is required to transfer any operating surplus of the Maine Turnpike each year to the Department of Transportation. "Operating surplus" means the total annual operating revenues of the authority, after money has been put aside to pay reasonable operating expenses, to pay or to reserve for capital expenditures and to meet the requirements of any resolution authorizing bonds of the authority. This bill directs the authority to submit an annual report to the joint standing committee of the Legislature having jurisdiction over transportation matters regarding the level and proper determination of operating surplus provided to the department each year. This bill also directs the Attorney General to investigate an allegation that the authority has failed to provide an operating surplus to the department. This bill also directs the authority to submit a one-time report to the committee no later than January 15, 2012 regarding the amount of operating surplus provided to the department annually after December 31, 1999. The bill gives the committee the authority to submit a bill to the Second Regular Session of the 125th Legislature concerning the subject matter of the report.