LD 1707
pg. 2
Page 1 of 2 P & S Law Chapter 41 LD 1707 Title Page
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LR 2428
Item 1

 
Sec. 2. Records of bonds issued to be kept by the Treasurer of State. The
Treasurer of State shall keep an account of each bond showing the
number of the bond, the name of the successful bidder to whom
sold, the amount received for the bond, the date of sale and the
date when payable.

 
Sec. 3. Sale; how negotiated; proceeds appropriated. The Treasurer of State
may negotiate the sale of the bonds by direction of the Governor,
but no bond may be loaned, pledged or hypothecated on behalf of
the State. The proceeds of the sale of the bonds, which must be
held by the Treasurer of State and paid by the Treasurer of State
upon warrants drawn by the State Controller, are appropriated
solely for the purposes set forth in this Act. Any unencumbered
balances remaining at the completion of the project in section 6
lapse to the debt service account established for the retirement
of these bonds.

 
Sec. 4. Interest and debt retirement. The Treasurer of State must pay
interest due or accruing on any bonds issued under this Act and
all sums coming due for payment of bonds at maturity.

 
Sec. 5. Disbursement of bond proceeds. The proceeds of the bonds must
be expended as set out in section 6 under the direction and
supervision of the Maine Municipal Bond Bank as designated by the
Commissioner of Education in accordance with the Maine Revised
Statutes, Title 30-A, section 6006-F.

 
Sec. 6. Allocations from General Fund bond issue; repairs and improvements in public
school facilities. The proceeds of the sale of the bonds must be
expended as designated in the following schedule.

 
EDUCATION, DEPARTMENT OF

 
Provides funds for renovation and capital$15,000,000

 
repairs and improvements of public school

 
facilities to address health, safety and

 
compliance deficiencies, general renovation

 
needs and learning space upgrades.

 
Sec. 7. Contingent upon ratification of bond issue. Sections 1 to 6 do not
become effective unless the people of the State have ratified the
issuance of the bonds as set forth in this Act.

 
Sec. 8. Appropriation balances at year-end. At the end of each fiscal
year, all unencumbered appropriation balances representing state
money carry forward. Bond proceeds that have not been expended
within 10 years after the date of the sale of the bonds lapse to
General Fund debt service.

 
Sec. 9. Bonds authorized but not issued. Any bonds authorized but not
issued, or for which bond anticipation notes are not issued
within 5 years of ratification of this Act, are deauthorized and
may not be issued; except that the Legislature may, within 2
years after the expiration of that 5-year period, extend the
period for issuing any remaining unissued bonds or bond
anticipation notes for an additional amount of time not to exceed
5 years.

 
Sec. 10. Referendum for ratification; submission at statewide election; form of
question; effective date. This Act must be submitted to the legal voters
of the State of Maine at a statewide election held on the Tuesday
following the first Monday of November following passage of this
Act. The municipal officers of this State shall notify the
inhabitants of their respective cities, towns and plantations to
meet, in the manner prescribed by law for holding a statewide
election, to vote on the acceptance or rejection of this Act by
voting on the following question:

 
"Do you favor a $15,000,000 bond issue to capitalize the
State's School Revolving Renovation Fund for repairs and
improvements in public school facilities to address health,
safety and compliance deficiencies, general renovation needs
and learning space upgrades?"

 
The legal voters of each city, town and plantation shall vote
by ballot on this question and designate their choice by a cross
or check mark placed within a corresponding square below the word
"Yes" or "No." The ballots must be received, sorted, counted and
declared in open ward, town and plantation meetings and returns
made to the Secretary of State in the same manner as votes for
members of the Legislature. The Governor shall review the
returns and, if a majority of the legal votes are cast in favor
of this Act, the Governor shall proclaim the result without
delay, and this Act becomes effective 30 days after the date of
the proclamation.

 
The Secretary of State shall prepare and furnish to each city,
town and plantation all ballots, returns and copies of this Act
necessary to carry out the purpose of this referendum.


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