AUGUSTA, Maine (AP) — Maine State Treasurer Neria Douglass says not selling bonds this summer will hurt the state’s finances and delay much needed infrastructure projects.
In a letter to Republican Gov. Paul LePage Wednesday, Douglass urged the governor to reconsider his decision not to sell bonds to pay back projects the state has started funding until there’s $60 million in the rainy day fund.
LePage says a new law that takes from the fund to restore revenue sharing will hurt the state’s credit rating and that releasing bonds would be financially irresponsible.
Democratic House Speaker Mark Eves called on LePage to immediately stop “holding these bonds hostage.”
LePage’s office says it’s working with lawmakers on its proposal to put $21 million back into the fund to ensure the bonds can be released.