In assessing Maine’s credit, bond agencies like Moody’s have been, well, moody.

The leading bond rater, and its peers, have altered their views of Maine several times over recent years. Concerns about indebtedness, drained reserves, “structural gaps” and the specter of future financial obligations – such as for education – have spooked lenders and caused Maine’s bond rating to fluctuate.

“They were very cool to Maine,” Gov. John Baldacci said about the agencies. On March 8, the governor found them more cheery – for financial types, anyway – about the state’s fiscal portrait. Instead of evaluating a state needing to borrow short-term to cover its debts, the evaluators found a more solid, and liquid, Maine.

“We’ve closed a $1.2 billion structural gap, eliminated short-term borrowing, and rebuilt our reserve accounts,” Baldacci said in a statement. “That hard work has put us on firmer financial footing, and has given us the opportunity to invest today.”

So, the big news: Gov. Baldacci, this week, put forward a $397 bond package emphasizing equality of investment in transportation and the economy, $131 million for each. (A coincidence, the governor maintains.)

The remainder includes $97 million for a Brookings-inspired “quality places” investment strategy, which includes $35 million for the laudable Land for Maine’s Future program and $10 million for Maine’s parks and historic sites; $5 million for the $25 million “river bond” sponsored by Sen. Peggy Rotundo, D-Lewiston; $20 million for wastewater improvements; and $31 million for rail, aviation, trails, ports, public transit, ferries and intermodal transportation.

Traditional transportation is proposed for an even $100 million. Transportation advocates welcomed the bond as an “important step,” but Republicans, who feel the state should spend $200 million on transportation alone, derided the bond because it shortchanges the “people’s priority,” which is roads and bridges.

On the economy, $45 million is earmarked for University of Maine business technology programs, $80 million for research and development, and $6 million for Department of Economic and Community Development programs.

Most striking about this plan is its balance. Future economic trends – R&D, the creative economy – is given dollar-for-dollar consideration with immediate needs. And Maine’s low debt thresholds and swift repayment schedules, its gold stars, are now balanced with pleasant smiles from bond bankers.

The only off-kilter piece is the partisanship, which has been surprisingly muted by Augusta standards, as even the GOP should grumblingly admit that $100 million for transportation projects is pretty good, given Maine’s lack of any sizable investment in roads and bridges over the past two years.

With all this balance, the Legislature should approach debate on the bond with a similar even keel.

The governor has unveiled a smart bond proposal, which should prove politically palatable, as Maine needs aggressive investment in its future, paralleled by smart investment in the present.

This package shows both.