When lawmakers meet Monday to consider a compromise bond package, their top priority should be to ensure that the money proposed to be borrowed provides a good return on the state’s investment, both in terms of jobs created and federal dollars that are leveraged. Maine has a good track record of doing so, but with scarce state funds and the potential loss of thousands of military-related jobs, it is even more important that bond money be directed to where it will provide the biggest economic boost.

The governor earlier this year proposed a $197 million bond package. His three major categories were research and development at $79 million, transportation at $38 million and land purchases at $50 million. Funds for the state’s universities and community colleges and for drinking water and other environmental improvements were also included at smaller amounts.

Republican lawmakers, who stopped a bond package last year, wanted a much smaller package. Legislative leaders this week agreed to an $83 million package that will be presented to party caucuses Monday. The scaled-down package includes $34 million for transportation, $20 million for R&D and $10 million for land purchases. There is another $10 million for clean water and other environmental projects and $9 million for education.

Given that the package is about half what the governor asked for, it appears both Republicans and Democrats are concerned that money to repay bonds will be scarce for at least the next few years. So, the programs they fund should add revenue to the state. That would be, first and most important, the R&D bond.

University and biomedical programs leverage $7 for every $1 the state invests in addition to attracting new industries to Maine and creating permanent new careers. R&D bond money has funded expanded research at places such as Jackson Lab, MDI Biological Lab, the University of Maine, Maine Medical Center Research Institute and other facilities. Maine began investing in R&D late and contributes less in these competitive fields than most states, so this should be the last place to skimp in this year’s bonds.

Second is highway money that also has large federal match rates, funds Maine’s share of the Waldo-Hancock Bridge and provides work at least for the length of the bond. Such money will also at least make a dent in the huge backlog of road and bridge

projects statewide.

Upgrading water treatment systems is a necessity and improved infrastructure is long overdue at the state’s colleges and universities.

Borrowing is necessary, in good times and bad. To make the most of this bond, lawmakers should direct as much money as possible to investments that will raise the most outside funds and create the most jobs. R&D is a proven bet.