Gov. John E. Baldacci on Tuesday submitted legislation to authorize $160 million of TransCap Trust Fund revenue bonds over four years for investment in bridge construction and preservation in Maine. The initiative would supplement current bridge funding of about $70 million per year with an additional $40 million per year over the next four years.
If approved, the bill would authorize the Maine Municipal Bond Bank to issue the debt for bridge repair. To pay for debt service costs, Baldacci proposes increasing three fees within the state.