Governor LePage signs bill to replenish rainy day fund

AUGUSTA, Maine (AP) - Maine Gov. Paul LePage has signed a bill to replenish the state's rainy day fund and is allowing infrastructure projects that were put on hold to move forward.

The Republican governor's bill puts $21 million back into the fund, which was tapped to pay for revenue sharing.

LePage said drawing from the fund would hurt the state's bond credit rating and ultimately cost taxpayers. He refused to sign off on new bonds until the fund was replenished to $60 million. Democrats have heavily criticized that action, saying it was stalling job-creating projects.

LePage's office said Tuesday the governor has also signed a financial order that will allow projects for the Maine Maritime Academy, National Guard and others to move forward.

The Democratic-led House and Senate overwhelmingly approved the bill Friday.


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