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MEMORANDUM
T O: FROM: DATE: Appropriations and Financial Affairs Committee Neria R. Douglass, State Treasurer August 13, 2013
Chairwoman Hill, Chairwoman Rotundo, and distinguished members of the Appropriations and Financial Affairs Committee: I am unable to attend todays meeting of the Appropriations and Financial Affairs Committee due to a prior engagement. I am writing to update you on our progress in funding bond projects that were approved by voters in June 2010 and November 2012. As of today, we have provided cash in accounts for those requests we received for the first quarter of FY2014. The financial order for bond project requests totaling $69.7 million for FY2014 has been issued. Commissioners have signed certificates for those requests made by project managers. We plan to fund projects through internal cash pool borrowing until the proper time for selling these GO (general obligation) bonds, considering project needs, market conditions, and other factors. Our independent debt advisors expect our blended borrowing rate will be 2.65%, while our investment earnings rate is 0.20%. Thus, waiting to sell bonds saves us 2.45% annually. Of the $104.5 million in authorized but unissued bond projects, $35 million has not yet been requested. I am attaching a table to give you specific project funding requests that were made, which we have funded. From this table, the following conclusions can be drawn: $104,577,809 Authorized but Unissued Bonds at start of FY2014 $69,726,534 in funding requests ($21.5M for Q1, $48.2 Q2-4) for FY2014 $34,851,275 in funds for approved bond projects yet to be requested I also attach a table to give you the list of projects for which funding requests have not yet been made. My staff and I are prepared to fund these projects, if they get started, following receipt of the financial order from the Governor, Commissioners certificate, and documents required. These projects are important: I want to fund them to get Maine back to work. The Office of the State Treasurer stands ready to fund the General Obligation bonds as requested by the Governor, his administration, and the voters of Maine. Thank you.
Law 2011, PL c. 697 2012 PL, c. 696 2009 PL, c.414, amd PL 2009, c.645 2009 PL, c.414, amd PL 2009, c.645
Description Highway and bridge construction Land for Maine's Future Board Maine Marine Wind Energy Fund Land acquisition for conservation, water access, outdoor rec, wildlife, etc. Port investment/development at Searsport, Mack Point, and Sears Island Equipment for Mack Point port Aviation facilities Downtown Revitalization Lifeflight Working waterfront preservation Agricultural water source development grant program TOTAL:
DOC
6,500,000
3,050,000
3,450,000
2009 PL, c.414, amd ME Hist P PL 2009, c.645 2011, PL c. 697 DOT 2009 PL, c.414, amd PL 2009, c.645 DOC DAG 2009 PL Ch. 414
Page 1 of
Agcy DOT
Law
Q1 Request -
UMS
7,350,000
325,000
3,425,000
3,750,000
3,600,000
Land acquisition for conservation, water access, outdoor rec, wildlife, etc. 2012 PL, c. Land for Maine's Future 696 Board 2011 PL, c. Wastewater treatment 695 facilities loan Energy and infrastructure upgrades at all campuses of UMS Drinking ater systems Investments under the Communities for Maine's Future program
4,335,000
3,050,000 -
3,050,000 4,335,000
3,450,000 5,000,000 -
UMS
3,677,000 3,590,000
3,677,000 3,590,000
3,677,000 3,590,000
DHHS 695
2009 PL,
3,051,711
3,051,711
3,051,711
R&D per Office of Innovation's current 2009 PL, Science and Technology Ch. 414 Action Plan for Maine. MTI Port investment/development 2011, PL c. at Searsport, Mack Point, and Sears Island DOT 697 2009 PL, Brunswick Naval Air Station redevelopment DECD Ch. 414
2009 PL, c.414, amd PL 2009, c.645
3,000,000
3,000,000
3,000,000
3,000,000 2,944,098
944,098
2,000,000
2,944,098
3,000,000 -
DHHS
2,400,000
2,400,000
2,400,000
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Law
2009 PL, Chapter 645, A
Description
Q1 Request -
DOT
Aviation-FAA
1,700,000
1,700,000
1,700,000
Health and dental clinic upgrades 2011, PL c. Industrial Rail Access 697 Program 2011, PL c. Eastport warehousing 697 facilities at port
1,500,000 1,500,000 -
1,500,000
2009 PL, c.414, amd PL 2009, ME Hist c.645 2011, PL c. DOT 697 2009 PL, c 414 2011, PL c. 697
Downtown Revitalization Aviation facilities Energy and infrastructure upgrades at MCCS Transit buses Ports (includes funds for port improvements in Eastport & Searsport)
1,200,000 1,200,000
300,000 -
300,000 -
900,000 1,200,000
MCCS DOT
1,050,000 1,000,000
100,000 -
950,000 1,000,000
1,050,000 1,000,000
DOT
2009 PL, Chapter 414, Part A 2009 PL, Chapter 414, Part A 2009 PL, c.414, amd PL 2009, c.645 2009 PL, c.414, amd PL 2009, c.645 2011, PL c. 697
900,000
900,000
900,000
DOT
Ferry
650,000
650,000
650,000
DOC
500,000
500,000
500,000
DOC DOT
425,000 300,000
150,000 -
150,000 -
275,000 300,000
Page of
Agcy
Law
2009 PL Ch. 414 2009 PL, Ch. 414, C 2009 PL, Ch. 414, C
DAG
Description Agricultural water source development grant program Small Community Grant Program Wastewater treatment facility grants
Q1 Request
Total Requested
Remain. Auth/Uniss.
295,000
45,000
123,725
168,725
126,275
DEP DEP
200,000 200,000
50,000
200,000 150,000
200,000 200,000
DEP
Uncontrolled hazardous 2009 PL, substance investigation Ch. 414, C and clean up
2009 PL, c.414, amd PL 2009, c.645 2009 PL, Chapter 414, Part A 2009 PL, Chapter 645, A 2009 PL, Ch. 414, C 2009 PL, Chapter 414, Part A
150,000
150,000
150,000
DOC
110,000
110,000
110,000
DOT
50,000 104,577,809
21,517,809
50,000 48,208,725
50,000 69,726,534
34,851,275
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