July 19, 2018
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LePage relents on sale of $115 million in voter-approved bonds

Troy R. Bennett | BDN
Troy R. Bennett | BDN
Gov. Paul LePage delivers his final State of the State address before a joint session of the Maine Legislature in Augusta, Feb. 13, 2018.
By Mal Leary, Maine Public

Gov. Paul LePage has signed off on the sale of about $115 million in voter-approved bonds after blocking the sale last month.

In June, LePage refused to sign the documents allowing the bond sale to go through, saying he was worried about how much the Legislature was spending. State Treasurer Terry Hayes said she should be able to complete the sale before projects underway run out of money.

“It should, if we can get the cash in the door before that funding stream, that current funding stream runs out but I am not exactly sure what that is,” Hayes said.

Most of the borrowing is for transportation projects already underway. Hayes said she is not sure if LePage’s delay will cost taxpayers extra to complete this sale. She also said she is contacting the winning bidders to see if they will agree to the same terms.

“We won’t know until the pricing, and right now we’re expecting the pricing will happen in the first, the very beginning, the first or second of August. So, I should know at that point in time,” Hayes said.

This article appears through a media partnership with Maine Public.

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