Truckers, tourists and other drivers traveling through southeast Maine could soon pay for a new span to replace the Waldo-Hancock Bridge on U.S. Route 1.
A toll is one of the methods state lawmakers could use to finance construction of the new Penobscot River crossing, replacing the 72-year-old suspension bridge, the Portland Press Herald reported. Another proposal would ask lawmakers to borrow money on the assumption the state would get federal funds in the future.
These approaches, which state lawmakers and transportation officials have started to discuss, would impact bridge and road projects statewide.
Without a plan to finance the concrete and cable bridge, the Maine Transportation Department would have to use funds set aside for smaller projects.
Gov. John Baldacci and lawmakers must come up with as much as $65 million to pay for the cable-stay bridge, which is under construction, the newspaper reported.
State Rep. Terrence McKenney, R-Cumberland, fears this kind of spending would cancel and delay projects throughout the state. As a result, he is pushing for a toll to pay for the new bridge.
With electronic toll collection, the state could work out a system in which area residents would get a discounted rate, while others, including truck drivers, would pay a full fare, McKenney told the newspaper.
State Sen. Dennis Damon, D-Trenton, said he was willing to look at tolls as an option to pay for the new bridge and other projects.
“The state coffers can’t pay for everything,” Damon said.
According to the Press Herald, the DOT and Baldacci view tolls as a last option. Instead, transportation officials will recommend the use of grant anticipation revenue vehicles, commonly known as GARVEE bonds.
This federal program allows the state to sell bonds to pay for the bridge. The sale is based on the assumption that federal funding in future years would pay off the bonds. This allows the state to get money needed for the project up front.
The Legislature will decide whether the state should pay for the bridge with the bonds.
In the meantime, transportation officials are watching Congress to see whether a six-year transportation reauthorization bill passes. It could bring additional money for the new bridge, reducing the amount the state has to make up.