121st Maine Legislature
		Office of Fiscal and Program Review
		LD 1922
		An Act To Preserve Transportation Projects Statewide by Using Federal GARVEE Financing for the Waldo-Hancock Bridge Replacement
		LR 2815(01)
		Fiscal Note for Original Bill
		Sponsor: Sen. Damon of Hancock
		Committee: Transportation
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Appropriations/Allocations
	Other Special Revenue Funds		$0	$50,000,000	$0	$0
Fiscal Detail and Notes
	This bill includes an Other Special Revenue Funds allocation of $50,000,000 in fiscal year 2004-05 for the Department of Transportation to support the Waldo-Hancock Bridge project.  Funding for this project will be provided by the proceeds of GARVEE bonds which will be issued through the Maine Municipal Bond Bank and will be repaid from future federal transportation funds which are anticipated to be apportioned to the State of Maine.  Due to savings that will be realized from the avoidance of construction delays and future inflationary costs, the net cost of financing the issuance of the GARVEE bonds will be minor and can be absorbed by the Department of Transportation within currently budgeted resources.