Every broad category of bond investment contributes to our quality of life.

This month, the Legislature will convene for a day to vote on a General Fund bond package. Democratic and Republican leaders have agreed to a framework that we believe will win the backing of the necessary two-thirds of House and Senate members to be on board with this. It’s the right time to make this positive step that will help build on our positive assets for Maine people.

The bond plan our leadership has agreed to in principal is multifaceted and will be more clearly defined for legislators in an Appropriations Committee meeting set for July 25. In short, bonds are good for Maine because they breed more investment in the state from outside sources. When we view Maine through the “business” lens, we can clearly see why this is so. Through bonds, funds are dedicated to specific fiscally responsible projects.

Every broad category of bond investment contributes to the quality of life in Maine, a cornerstone of our state’s real and intangible assets. Bonds will be funding projects for clean water that make a healthier Maine. Transportation bonds, whether for our highways, waterways, aviation facilities or mass transit, will help people and commerce move more smoothly in and around our state. Maine’s people deserve and will be able to make strides ahead in education and jobs with the help of funding from our next bond issue.

Maine is well-positioned for prudent bond approval now. We depend on bond funding significantly less than other states do. Bonding agencies look on this favorably. Maine ranks 36th in the nation for tax supported debt per capita. Maine’s tax supported debt as a percentage of personal income, at 1.8 percent, is well below the national average of 2.4 percent.

The timing for approval of this bond package is good for Maine. This June, according to the state treasurer, we paid less in true interest cost this year than last. In addition, we want to continue rapid drawdown of previous authorizations, which enhances the need for a new package to continue investing.

Significant aspects of our economy are growing, which means this is an excellent time for responsible, coordinated bonding. State exports hit a new high in 2004: $2.43 billion worth of paper, semiconductors, lobsters and other Maine products, according to Maine International Trade Center data issued late May. This is a considerable increase from 2003 exports of $2.19 billion, and up 36.7 percent from 2000 with exports of $1.78 billion.

It’s the right time for bond approval since the media worldwide has recently featured Maine’s intangible assets. American City Business Journal and Inc. Magazine have both pointed to Southern Maine favorably for small business. Also, Outside magazine recently featured Portland as one of its top 10 dream towns. A well-crafted bond package builds on the quality of life we see recognized in these.

This is an important time to move ahead with a solid package of bonds for all the above possible reasons. On the other hand, approving a bond package is also timely due to the uncertainty of the Base Realignment and Closure Commission decision about Brunswick Naval Air Station, Portsmouth Naval Shipyard and the Defense Finance and Accounting Center at Limestone. The jobs portion of this bond will be a small start to the improvements to Maine’s infrastructure that will be needed for economic development if the BRAC chooses to close or realign one or more of these military facilities.

Finally, the reason for us to approve a bond package now is simply that we have forged a positive bipartisan agreement. So far this year the Legislature moved forward with better than a two-thirds majority on the supplemental budget in March and on the Part II budget in early June. We can continue this success. When tough choices need to be approved with the two-thirds margin, we do work together in a bipartisan fashion for the good of all Maine people.

Sen. Beth Edmonds of Freeport is president of the Maine Senate.

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