AUGUSTA – Scaling back his five-year plan for land acquisition, Gov. John Baldacci released a modified fall bond package totaling nearly $120 million Wednesday to address key administration goals aimed at improving “the health and welfare of all Maine citizens.”

Baldacci emphasized the $119.8 million borrowing plan would spur economic growth, create jobs, protect Maine’s natural environment, improve the state’s transportation infrastructure, and continue critical land conservation efforts. But the Land for Maine’s Future program – originally targeted for a $100 million transfusion over five years – was cut back to $60 million over three years in the proposal.

The bond, which essentially represents half of the entire bond package, was downsized because the governor felt it was necessary to meet his original goal incrementally. He said he fully intends to advance an additional $40 million Land for Maine’s Future bond in the next budget cycle.

“You have to go at this cautiously and responsibly and try to make sure that we’re making the right investment,” he said.

Other key components of the Baldacci bond package involve:

. Economic stimulus: $20 million, which includes $6 million for the school renovation fund and $5 million for the Maine Technology Institute Applied Research Fund that provides competitive grants for applied research in natural resource-based industries.

. Health and environment: $16.6 million, which includes $13.6 million for environmental improvements such as hazardous site cleanup, wastewater treatment and urban storm water assistance.

. Land conservation and parks: $65 million, most of which was set aside for the Land for Maine’s Future fund.

. Transportation: $18.2 million, including $10 million to trigger federal matching funds for the replacement of the Waldo-Hancock Bridge.

In fact, the total potential for matching federal, local or private funds in the governor’s bond package is $115.5 million. The package also conforms to state debt control standards limiting tax-supported debt service to no more than 5 percent of state revenue.

“It’s well within the conservative analysis offered by the Department of Finance and Administration and the state treasurer’s office – they’ve actually suggested we have more room to bond within the limitations that we placed upon ourselves,” Baldacci said. “But I felt that this was fiscally responsible and strategic given the economic times that we’re in.”

Baldacci’s borrowing proposal will move next week to the Legislature’s Appropriations Committee, where lawmakers will weigh the governor’s choices against those offered by legislators. Unlike the recent Democratic majority budget approved by the committee, the bond package must meet the approval of two-thirds of the House and Senate. The supermajority requirement underscores the need for the appropriations panel to try to reach unanimity on a bonding proposal.

Although House Speaker Pat Colwell, D-Gardiner, expressed disappointment in the governor’s decision to reduce the five-year, $100 million Land for Maine’s Future bond provision, he said the remainder of the proposal met the immediate needs of the state.

But Republican House leader Joe Bruno, R-Raymond, said Baldacci wanted the state to assume too much debt at a time when the economy is anything but certain.

Partly for those reasons and partly because of the costs associated with the recently approved $109 million supplemental budget opposed by the GOP, Bruno said Baldacci had “no chance” of picking up two-thirds support for his bond package from House Republicans.

“The Legislature will have its opportunity to weigh in,” Baldacci said. “If they think there’s something here that shouldn’t be here, then I think it’s their obligation to take it out.”