Maine Highway Improvement Bond (2001)
From Ballotpedia
Maine Question 3 was on the November 6, 2001 election ballot in Maine as a legislatively-referred state statute where it was approved.
Question 3 authorized a $61 million bond for road, bridge, airport, public transit, ferry, rail, trail and marine infrastructure.
- Yes: 162,071 (74.2%)
- No: 56,407 (25.8%)
Text of the proposal
The question asked on the ballot was, "Do you favor a $61,000,000 bond issue for improvements to highways and bridges, airports, public transit and ferry facilities; development of rail, trail and marine infrastructure; and improvements to intermodal facilities statewide?"
This Act would authorize the State to issue bonds in an amount not to exceed $61,000,000 in order to match available federal funds for improvements to highways and bridges, airports, public transit, ferry systems and intermodal facilities, and to establish infrastructure for rail, trail and marine developments. The bonds would run for a period not longer than 10 years from the date of issue and would be backed by the full faith and credit of the State.
The proceeds from the sale of the bonds, which qualify for federal matching funds, would be expended by the Department of Transportation as follows:
Highway and bridge improvements: $37,400,000 Airport improvements: $4,750,000 Rail development: $7,600,000 Ferry system improvements: $2,350,000 Transit improvements: $1,650,000 Intermodal improvements: $4,000,000 Marine development: $1,000,000 Small harbor development: $1,500,000 Trail development: $750,000
If approved, the bond authorization would take effect 30 days after the Governor's proclamation of the vote.
A "YES" vote approves the authorization of a $61,000,000 bond issue for surface, air, water and rail transportation improvements.
A "NO" vote disapproves the bond issue.
Total estimated life time cost is $77,523,375 representing $61,000,000 in principal and $16,523,375 in interest (assuming interest at 4.93% over 10 years).
External links
- Guide to the 2001 Maine ballot measures
- Ballot questions with vote totals
- Election results by county
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