Maine Treasurer Douglass 13 August Bond Letter

7/27/2019 Maine Treasurer Douglass 13 August Bond Letter

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STATE OF MAINE

OFFICE OF THE STATE TREASURER39 State House Station, Augusta, ME 04333-0039

www.maine.gov/treasurer

NERIA R.DOUGLASS

Treasurer of StateKRISTI L.CARLOW

Deputy State Treasurer

MEMORANDUM

TO: Appropriations and Financial Affairs Committee

FROM: Neria R. Douglass, State Treasurer

DATE: August 13, 2013

Chairwoman Hill, Chairwoman Rotundo, and distinguished members of the Appropriations andFinancial Affairs Committee:

I am unable to attend todays meeting of the Appropriations and Financial Affairs Committee due toa prior engagement.

I am writing to update you on our progress in funding bond projects that were approved by voters inJune 2010 and November 2012. As of today, we have provided cash in accounts for those requestswe received for the first quarter of FY2014. The financial order for bond project requests totaling$69.7 million for FY2014 has been issued. Commissioners have signed certificates for those requestsmade by project managers. We plan to fund projects through internal cash pool borrowing until theproper time for selling these GO (general obligation) bonds, considering project needs, marketconditions, and other factors. Our independent debt advisors expect our blended borrowing rate will

be 2.65%, while our investment earnings rate is 0.20%. Thus, waiting to sell bonds saves us 2.45%annually. Of the $104.5 million in authorized but unissued bond projects, $35 million has not yetbeen requested.

I am attaching a table to give you specific project funding requests that were made, which we havefunded. From this table, the following conclusions can be drawn:

$104,577,809 Authorized but Unissued Bonds at start of FY2014 $69,726,534 in funding requests ($21.5M for Q1, $48.2 Q2-4) for FY2014 $34,851,275 in funds for approved bond projects yet to be requested

I also attach a table to give you the list of projects for which funding requests have not yet beenmade. My staff and I are prepared to fund these projects, if they get started, following receipt of thefinancial order from the Governor, Commissioners certificate, and documents required. Theseprojects are important: I want to fund them to get Maine back to work.

The Office of the State Treasurer stands ready to fund the General Obligation bonds as requested bythe Governor, his administration, and the voters of Maine.

Thank you.

Cash Management (207)624-7477 Fax (207)287-2367 TTY (888)577-6690 Unclaimed Property (207)[email protected] [email protected] Toll Free in Maine (888)283-2808
http://www.maine.gov/treasurerhttp://www.maine.gov/treasurermailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.maine.gov/treasurer


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Prepared by the Office of the State Treasurer Page 1 of

Agency Law DescriptionTotal Auth

& UnissTotal

Request FY14^ Remain.

Auth/Uniss.

DOT 2011, PL c. 697

Highway and bridge

construction 41,000,000 26,000,000 15,000,000

DOC 2012 PL, c. 696

Land for Maine's Future

Board 5,000,000 - 5,000,000

UMS

2009 PL, c.414, amd

PL 2009, c.645

Maine Marine Wind Energy

Fund 7,350,000 3,750,000 3,600,000

DOC

2009 PL, c.414, amd

PL 2009, c.645

Land acquisition for

conservation, water access,

outdoor rec, wildlife, etc. 6,500,000 3,050,000 3,450,000

DOT 2011, PL c. 697

Port investment/development

at Searsport, Mack Point, and

Sears Island 3,000,000 - 3,000,000

DOT 2011, PL c. 697

Equipment for Mack Point

port 2,000,000 - 2,000,000

DOT 2011, PL c. 697 Aviation facilities 1,200,000 - 1,200,000

ME Hist P

2009 PL, c.414, amd

PL 2009, c.645 Downtown Revitalization 1,200,000 300,000 900,000

DOT 2011, PL c. 697 Lifeflight 300,000 - 300,000

DOC

2009 PL, c.414, amd

PL 2009, c.645

Working waterfront

preservation 425,000 150,000 275,000

DAG 2009 PL Ch. 414

Agricultural water source

development grant program 295,000 168,725 126,275

TOTAL: 68,270,000 33,418,725 34,851,275

OFFICE OF THE STATE TREASURER

Neria Douglass, State TreasurerFY 14 Remaining Bonding Authority


3/5Prepared by the Office of the State Treasurer Page

Agcy Law Description

^ Total Auth

& Uniss Q1 Request

Q2-4

Prelim

Requests

Total

Requested

Remain.

Auth/Unis

DOT2011, PL c.

697

Highway and bridge

construction 41,000,000 - 26,000,000 26,000,000 15,000,0

UMS

2009 PL,

c.414, amd

PL 2009,

c.645

Maine Marine Wind

Energy Fund 7,350,000 325,000 3,425,000 3,750,000 3,600,0

DOC

2009 PL,

c.414, amd

PL 2009,

c.645

Land acquisition for

conservation, water

access, outdoor rec,

wildlife, etc. 6,500,000 - 3,050,000 3,050,000 3,450,0

DOC2012 PL, c.

696

Land for Maine's FutureBoard 5,000,000 - - - 5,000,0

DEP2011 PL, c.

695

Wastewater treatment

facilities loan 4,335,000 4,335,000 - 4,335,000 -

UMS2009 PL,

Ch. 414

Energy and infrastructure

upgrades at all campuses

of UMS 3,677,000 3,677,000 - 3,677,000 -

DHHS2012 PL, c.

695 Drinking ater systems 3,590,000 3,590,000 - 3,590,000 -

DECD2009 PL,

Ch. 414

Investments under the

Communities for Maine's

Future program 3,051,711 3,051,711 - 3,051,711 -

MTI2009 PL,

Ch. 414

R&D per Office of

Innovation's current

Science and Technology

Action Plan for Maine. 3,000,000 - 3,000,000 3,000,000 -

DOT2011, PL c.

697

Port

investment/development

at Searsport, Mack Point,and Sears Island 3,000,000 - - - 3,000,0

DECD2009 PL,

Ch. 414

Brunswick Naval Air

Station redevelopment 2,944,098 944,098 2,000,000 2,944,098 -

DHHS

2009 PL,

c.414, amd

PL 2009,

c.645

Community-based

teaching clinic 2,400,000 2,400,000 - 2,400,000 -

OFFICE OF THE STATE TREASURER

Neria Douglass, State TreasurerFY 14 Bond Fund Requests




^ Total Auth

& Uniss Q1 Request

Q2-4

Prelim

Requests

Total

Requested

Remain.

Auth/Unis

DOT

2009 PL,

Chapter

645, A Railroad 2,000,000 - 2,000,000 2,000,000 -

DOT2011, PL c.

697

Equipment for Mack

Point port 2,000,000 - - - 2,000,0

DOT

2009 PL,

Chapter

414, Part A Aviation-FAA 1,700,000 - 1,700,000 1,700,000 -

DHHS

2009 PL,

c.414, amd

PL 2009,

c.645

Health and dental clinic

upgrades 1,500,000 1,500,000 - 1,500,000 -

DOT2011, PL c.

697

Industrial Rail Access

Program 1,500,000 1,500,000 - 1,500,000 -

DOT2011, PL c.

697

Eastport warehousing

facilities at port 1,500,000 - 1,500,000 1,500,000 -

ME His

2009 PL,

c.414, amd

PL 2009,

c.645 Downtown Revitalization 1,200,000 - 300,000 300,000 900,0

DOT2011, PL c.

697 Aviation facilities 1,200,000 - - - 1,200,0

MCCS2009 PL, c

414

Energy and infrastructure

upgrades at MCCS 1,050,000 100,000 950,000 1,050,000 -

DOT

2011, PL c.

697 Transit buses 1,000,000 - 1,000,000 1,000,000 -

DOT

2009 PL,

Chapter

414, Part A

Ports (includes funds for

port improvements in

Eastport & Searsport) 900,000 - 900,000 900,000 -

DOT

2009 PL,

Chapter

414, Part A Ferry 650,000 - 650,000 650,000 -

DOC

2009 PL,

c.414, amd

PL 2009,

c.645Working farmland

preservation 500,000 - 500,000 500,000 -

DOC

2009 PL,

c.414, amd

PL 2009,

c.645

Working waterfront

preservation 425,000 - 150,000 150,000 275,0

DOT2011, PL c.

697 Lifeflight 300,000 - - - 300,0




^ Total Auth

& Uniss Q1 Request

Q2-4

Prelim

Requests

Total

Requested

Remain.

Auth/Unis

DAG2009 PL

Ch. 414

Agricultural water source

development grant

program 295,000 45,000 123,725 168,725 126,2

DEP2009 PL,

Ch. 414, C

Small Community Grant

Program 200,000 - 200,000 200,000 -

DEP2009 PL,

Ch. 414, C

Wastewater treatment

facility grants 200,000 50,000 150,000 200,000 -

DEP2009 PL,

Ch. 414, C

Uncontrolled hazardous

substance investigation

and clean up 150,000 - 150,000 150,000 -

DOC

2009 PL,

c.414, amd

PL 2009,

c.645

State parks and land

management 110,000 - 110,000 110,000 -

DOT

2009 PL,

Chapter

414, Part A Island Airport Program 100,000 - 100,000 100,000 -

DOT

2009 PL,

Chapter

645, A Marine/SHIP 100,000 - 100,000 100,000 -

DEP2009 PL,

Ch. 414, C Overboard discharge 100,000 - 100,000 100,000 -

DOT

2009 PL,

Chapter

414, Part A Augusta Airport upgrade 50,000 - 50,000 50,000 -

TOTAL: 104,577,809 21,517,809 48,208,725 69,726,534 34,851,2

Documents

Maine Treasurer Douglass 13 August Bond Letter