7/28/2019 Maine Treasurer awaits info from LePage admin before
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PRESS RELEASE
JUNE 14, 2013
State Treasurer continues ready to prepare GeneralObligation
Bonds; Calls on Governor to sign budget;Calls on Governor to sign
TEFRA sign-offs
AUGUSTA -- State Treasurer Neria Douglass stands ready to issue
bonds that wereauthorized by Maine voters in June 2010 and November
2012 as she has beensince being sworn in January 7, 2013. The first
step in the process is receivingclear financial information on what
is planned and ready. Yesterday we asked
agencies what projects are on deck. When we hear back, we can
restart theinvestments that were stopped in June 2012.
Yesterday, the Maine Information Statement (IS) on current
finances and otherfiscal matters was made public on the Municipal
Securities Rulemaking Board(MSRB) website through the Electronic
Municipal Market Access (EMMA)service. This information is used in
preparing bonds, and is up to date right now.Interest rates are
beginning to rise. I hope the Governor will encourage
quickturnaround of information. And the construction season began
weeks ago. I amready when he gets us the information we need for
sound financial planning. Themore time passes, the more work is
required to update the Maine IS that is currentthrough May 16,
2013, supplemented to May 30th, and is required to issue bonds.
The Maine Governmental Facilities Authority (MGFA) used the
Maine IS tosuccessfully issue lease revenue bonds that sold
yesterday, June 13, 2013. Themoney will be used to complete the
Augusta Courthouse and to renovate theMachias Courthouse. The Maine
Judicial System asked to have the funds forimmediate work in June
2013. When evaluating the actual repayment schedule, Isaw that
Maine would save $1.9M in FY 2014-2015 due to lower costs than
originally estimated. I notified all members of the
Appropriations committee lastweek. I love helping Maine and those
working for positive change, said StateTreasurer Neria
Douglass.
I call on the Governor to quickly sign the budget just passed
responsibly by two-thirds of the Legislature. The rating agencies
and financial markets will not lookfavorably on his actions if he
delays or vetoes it. Ratings on current outstanding
7/28/2019 Maine Treasurer awaits info from LePage admin before
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bonds are set and will not change, but ratings on new issues
could be negativelyimpacted by conflict between the Governor and
the Legislature. As I said inJanuary, we can fix this by working
together.
Other projects in Maine are financed by moral obligation bonds
that have also beenheld hostage by the Governor. They need his
sign-off. The Maine Health andHigher Education Facilities Authority
(MEHEFA), which funds education andhospital projects, and the Maine
Housing Authority (MHA), which fundsaffordable housing projects,
are two examples. The Tax Equity and FiscalResponsibility Act
(TEFRA) requires a sign-off, which is performed by theGovernor in
Maine. This is a ministerial duty he is required to perform just as
theTreasurer is required to sign checks for bills that are properly
due. (In New YorkCity, for instance, bonds of the New York
Industrial Development Agency have asign-off by the Mayor. See Step
6 at http://www.nycedc.com/nycida/application-
process .) Today I call on the Governor to sign the TEFRA
notices that have beenwaiting since last fall. Lets work together
to get Maine back to work while interestrates are still low.
The Governor has not written to the State Treasurer on these
topics. In a vetomessage to the Legislature he mentions the State
Treasurer. A veto message to theLegislature is not the right way to
communicate with me, said State Treasurer
Neria Douglass. I expect the courtesy of direct, respectful
communication on theimportant financial needs and conditions of the
State. Frankly, the ball is in hiscourt, as we asked his people for
information yesterday.
For further information contact:Neria Douglass (207) 782-1518
(home); (207) 624-7477 (office)
http://www.nycedc.com/nycida/application-processhttp://www.nycedc.com/nycida/application-processhttp://www.nycedc.com/nycida/application-processhttp://www.nycedc.com/nycida/application-process
