As the Legislature sprints toward adjournment, it must not overlook one critically important remaining priority: passage of a strong, farsighted bonds package to provide funding for roads, bridges, research and development, and communications infrastructure. These investments would create jobs, save taxpayer money over the long run, and make Maine businesses more competitive.

There are two major bond proposals currently pending before the Legislature. LD 225 funds $50 million for much-needed research and development efforts across a variety of critical industry sectors. LD 829 invests $100 million in transportation, broadband, downtown revitalization, green infrastructure and higher education. It would make these investments in regions with high unemployment.

The early onset of spring has once again revealed the deplorable condition of Maine’s transportation infrastructure. The latest report card from the American Society of Civil Engineers issued poor grades for the condition of our roads and bridges. It also reminded us that deferring maintenance actually costs more money in the long-run, not just by letting small problems grow bigger, but also through increased wear and tear on our vehicles. The report indicates that Maine motorists pay an average of $285 per year in extra vehicle operating costs as a result of poor road conditions.

Clearly, a long-range, comprehensive approach to infrastructure financing makes fiscal sense, but never more so than now, when 50,000 Mainers remain unemployed and low interest rates make borrowing cheap. In addition, bond funds often leverage significant additional federal matching funds.

The argument that Maine’s existing debt is unsustainable is wrong. Maine’s current tax supported debt per capita is $865, significantly less than the national median of $1,066. As a percentage of personal income, it is 2.4 percent, again lower than the national median of 2.8 percent. Maine has a strong record of fiscally responsible debt management. Unlike most other states which often take decades to retire bonded debt, Maine pays its debt off in 10 years.

While many states use general obligation bonds to cover operating expenses, Maine only uses them to fund infrastructure improvements.

And because the state uses available cash to fund approximately half of its annual capital expenditures, Maine is in a much stronger position to issue bonds. As recently as spring 2011, Moody’s Investment Service, one of the nation’s most highly respected rating agencies, stated that “Maine continues its conservative approach to debt, with an aggressive payout structure and capacity to accommodate unforeseen borrowing needs.”

For decades, Maine voters have demonstrated their strong support for fiscally prudent borrowing by routinely approving bonds for necessary investments in transportation, communication, education and other infrastructure, as well as in research and development, conservation, small businesses and public facilities.

In 2011, with interest rates historically low and unemployment historically high, the Legislature inexplicably broke this tradition and failed to send a bond proposal to voters. That makes it all the more important that the Legislature fix that mistake and act before it adjourns in 2012.

Passing a healthy, responsible bonds package now will accelerate Maine’s economic recovery by creating thousands of much-needed jobs.

Low interest rates mean a good return on investment for taxpayers. Weak labor and capital markets mean bonds are unlikely to “crowd out” private investment.

At a more fundamental level, a smart bonds package is about making the public investments that Maine businesses need to be competitive. Bad infrastructure is bad for business. World-class businesses need world-class communications and transportation infrastructure.

We must make it clear to our legislators that failure to approve a robust bonds package this year is not an acceptable option.

Garrett Martin is the executive director at the Maine Center for Economic Policy.