Bond, but don’t break A breakdown of questions 2 through 6 BY SARA DONNELLY

This November, Maine voters will once again have the option of spending our collective cash. Historically, Mainers’ opinion on whether or not to shell out coin for various infrastructure bonds has relied on a number of factors: the overall economy, both in the state and nationwide; our broad opinion on the recipient of the funds (bonds for infrastructure improvement at the state’s jails have, for example, always had trouble getting a pass); and, predictably, whether or not we can make any damn sense of the bond question. In 1994, when the Secretary of State included detailed estimated interest information for each bond question, enough of us had bad SAT flashbacks to nix three of the seven bonds. In fact, aside from 1991, 1994 turned out to be the sourest year for bonds that decade, and this amidst a booming economy. Apparently, too much good information can be a bad thing.

This year, in the midst of a shaky economy, a war without foreseeable end, and jackknifing gas prices, Maine voters may prove to be as jumpy as they were in 1991, when six of seven bond measures were creamed at the polls.

But, according to one economist responsible for evaluating the state’s credit rating, we needn’t be. He says the some $80 million in bonds on this November’s ballot would not only be a reasonable investment to make for the long-term state economy, it likely won’t hurt Maine’s notoriously strong credit rating and will still land us below the national average for state debt.

"Really, $80 million for five different issues is not, I think, out of line for what we might expect to see in a state of Maine’s size," says Geoffrey Buswick, the Director of the Boston Office of Public Finance for Standard and Poor’s, based in New York City. Standard and Poor’s is one of a handful of established agencies which rank state bond ratings. The bond rating helps determine the interest rate on the state’s loans and is a primary concern for state economists.

Buswick says debt from bonds is one of several elements, including state economy, finances, and management, which affect Maine’s bond rating. Maine's bond rating remains one of the most virile in the country, despite a small downgrade in fall of 2004. Governor Baldacci’s office, Charlie Colgan, a University of Maine public policy professor and a former state economist, and state economist Catherine Reilly all agree that the state's bond rating is strong enough to stomach more borrowing.

So, For those of you interested in spending some money, here’s a quick run down of the bonds you’ll see on November 8’s ballot:

Question 2 "The Planes, Trains, and Automobiles Bond" — This is the requisite transportation bond for improvements to highways, bridges, airports, public transportation, ferry vessels, and port facilities. A vote for this bond will also put some money toward improving bike paths and walking paths statewide, for the wanderer in us all. Total cost $33,100,000, with the state eligible for more than $158,000,000 in matching federal funds.

Question 3 "The Green Water, Green Farms Bond" — This bond would set aside $8,900,000 to repair, upgrade, or replace old wastewater infrastructure in 13 Maine municipalities (including Portland). The bond would also upgrade drinking water infrastructure around the state and throw about $800,000 toward the University of Maine’s livestock research center for maintenance and upgrades. Total cost $8,900,000, with $31,000,000 in matching federal money.

Question 4 "The Geeks and Jobs Bond" — This bond, which is being trumpeted by Governor Baldacci’s office as the "Jobs and Economic Growth Question," would send millions to university infrastructure improvement, medical and marine research, small-business growth, and a career center in Jonesboro. If this bond passes, it will help the University of Maine at Bangor create a graduate school for biomedical science, and set aside $2 million to expand a community education outreach center at the University of Southern Maine’s Lewiston-Auburn campus, among other improvements. Total cost $20,000,000, with an expected $44,000,000 in federal and private matching funds.

Question 5 "The Land Grab Bond" — This bond sets aside money to allow the Land for Maine’s Future board to buy up choice, uncultivated land statewide for conservation, wildlife habitat, recreation (like hunting and fishing), and working-waterfront use. The board will focus on snagging land along the southern coast and in northern Maine. If you like the Land for Maine's Future program, this is a must; they've run out of money for future purchases. Total cost is $12,000,000 with an expected $7,000,000 match from private and public money.

Question 6 "The University Bond" — This bond sets aside money for renovations to campuses in the University of Maine system, with $2 allocated to expand the Osher Lifelong Learning Institute at USM in Portland. The Maine Community College system will receive $5 million of the bond for infrastructure upgrade to deal with a 36-percent jump in enrollment since 2003. Total cost $9,000,000. No matching funds tie in with this one.

Sara Donnelly can be reached at sdonnelly@phx.com