AUGUSTA – In an unexpected reversal of directions given to State Treasurer Terry Hayes last week, Governor LePage is now refusing to sign off on the sale of $117 million in voter-approved bonds that he previously authorized, including $97 million earmarked for infrastructure projects. This unnecessary uncertainty puts Maine’s strong credit rating at risk, will raise future borrowing costs, and upsets ongoing infrastructure work across the state.
Speaker of the House Sara Gideon released the following statement:
“Governor LePage has put thousands of jobs, scores of vital infrastructure projects and the investment of Mainers hard-earned dollars in jeopardy for no discernable reason. It is irresponsible and incomprehensible. By imperilling $117 million dollars worth of state borrowing unless his petty demands are met, the governor has proven once again that he is more than willing to put Maine people, Maine businesses and Maine’s economy at risk. For the sake of our fiscal health, our strong credit and bond ratings and most importantly, our people, I urge the governor to take immediate steps to undo the considerable damage he has caused.”
Bonds involved in the hold-up include $8 million for port, harbor and marine transport upgrades, $25 million for commercialization and research and development, and $80 million for in-progress highway and bridge projects.