Northeast Bond Propositions Approved

philly-skyline-1.jpg

Two large bond propositions approved in Philadelphia and Maine highlighted a busy Election Day in the Northeast.

Philadelphia voters overwhelmingly passed a ballot measure with 66% of the vote authorizing the city to borrow $184.3 million for capital investment projects. The bonds will be used for improvements to municipal buildings, parks and museums.

Maine voters approved a $100 million transportation bond referendum. The measure directs $80 million of the $100 million in new borrowing toward the construction and maintenance of highways and bridges. The other $20 million will be earmarked for infrastructure upgrades to ports, harbors, aviation, freight and marine transportation facilities.

Another referendum in Maine to legalize, regulate and tax marijuana for adults 21 and older narrowly passed, but opponents are considering seeking a recount. If it passes, the state will levy a 10% retail sales tax on marijuana sales on top of its 5.5% sales tax. The first $30 million in tax revenue from marijuana sales would be used for school construction with extra revenue earmarked for the general fund.

A similar marijuana legalization proposal was passed in Massachusetts. Proceeds of the marijuana sales will be subject to the state sales tax and an additional excise tax of 3.75% and municipalities will also have the option to impose a separate tax of up to 2%. Revenue received from the additional state excise tax or from license application fees will be deposited in a Marijuana Regulation Fund.

Rhode Island voters endorsed all five of its statewide bond referendums. They included $70 million for port projects and $45.5 million to finish an engineering school building at the University of Rhode Island and fund a new innovation campus. Bonds of $50 million for housing, $35 million for environmental projects and $27 million for a new veterans home also passed.

In New Jersey, voters passed a proposition to dedicate all gas tax revenue for transportation projects. State lawmakers recently agreed to raise the gas tax by 23 cents as a way to replenish the state's Transportation Trust Fund.

While New Jerseyans supported the gas tax ballot measure, the Garden State overwhelmingly said no to a proposal that would have expanded casino gambling beyond Atlantic City into northern New Jersey. Supporters had argued that two new casinos would draw more revenue into the state while opponents emphasized that the expansion would lead to further casino closings in Atlantic City.

Whether Republicans will retain control of the New York Senate remained unclear, with recounts threatened in at least two close races.

In New Hampshire, with Republican Chris Sununu won the governorship race to replace Democrat Maggie Hassan, who won a U.S. Senate seat Tuesday against incumbent Republican Kelly Ayotte.

The only other gubernatorial race in the northeast region was in Delaware where Democratic congressman John Carney won an open seat to replace term-limited Democratic incumbent Jack Markell.

For reprint and licensing requests for this article, click here.
New Hampshire Massachusetts Maine Delaware
MORE FROM BOND BUYER