Governor LePage to Sign his Bill Restoring Rainy Day Fund

March 21, 2014

For Immediate Release: Friday, March 21
Contact: Adrienne Bennett, Press Secretary (207) 287-2531

AUGUSTA – Governor Paul R. LePage announced today that he will sign LD 1807, the bill he submitted to replenish the state’s rainy day fund and restore fiscal responsibility to state operations.

The Governor will inform the State Treasurer Neria Douglas to move forward, with all due haste to release bonds to fund infrastructure projects, mostly for roads, highways and bridges. The projects will put up to 25,000 Mainers to work.

“It was irresponsible to raid $21 million from the state’s rainy day fund to avoid making tough choices on the budget,” said the Governor. “This short-sighted move would have left the state with only three days of cash flow to operate in an emergency. There was a high risk of a downgrade in our credit rating, which would have cost Maine taxpayers millions in higher interest rates on bonds.”

“I’m grateful to the Senate and House Republican leaders Kenneth Fredette and Michael Thibodeau, as well as the Republican members of the Appropriations Committee for standing firm on passing a bill without additional spending.”

While the Governor is pleased that his bill passed with no strings attached, he said the real winners are the people of Maine. “My plan to replenish the rainy day fund has averted millions of dollars in extra interest fees that hard-working Maine taxpayers would have had to pay, and it will put thousands of Mainers to work,” he said. “This is what it’s all about: doing the right thing for the people of Maine.”