The Senate Fiscal Agency recently completed its analysis of SB 410 and SB 411, which would authorize the construction of the proposed New International Trade Crossing. The objective legislative analysis concluded:
Unless explicitly authorized in the proposed Act, a governance agreement or a public-private agreement could not require the State, MDOT, the Authority, a separate legal or administrative entity created under a governance agreement, or any political subdivision to spend any State or local funds, including availability payments for project costs.
There would be no additional costs to the State or any local units of government associated with the creation of an authority for a New International Trade Crossing. The bill states that all costs associated with any public-private partnerships, governance agreements with Canada, or any bonds issued by the Authority would be paid from project revenue or project contributions.
The bill would allow the Authority to issue bonds whose principal and interest would be payable solely from project revenue and project contributions. The bill further states that the bonds would not constitute a general or moral obligation of the State. The bill also would prohibit the State or any of its political subdivisions, the Department of Transportation, or the Authority, from using State funds to make any availability payments related to the bridge project.
To read the entire legislative analysis, click here.