March 4, 2009 - 02:01 pm
News Feed: Maine

Maine governor seeks $306M in borrowing

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AUGUSTA, Maine — Gov. John Baldacci is proposing a $306 million state borrowing package that would be submitted to voters in two elections.

The governor scheduled a news conference Wednesday to unveil his proposal.

The bulk of the new borrowing Baldacci envisions — about $266 million — would be put out for referendum in November of this year. A smaller piece — about $40 million — would go to voters in June 2010.

The governor, however, won’t have the final word on new borrowing.

Legislative committee hearings get under way next week on a variety of bonding plans from various sponsors.

At the end of 2008, the state of Maine’s actual and authorized tax-supported debt totaled nearly $920.7 million, according to State Treasurer David Lemoine.

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