LD 534
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Page 1 of 3 An Act To Authorize a General Fund Bond Issue in the Amount of $4,000,000 To Co... Page 3 of 3
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LR 859
Item 1

 
and supervision of the Department of Economic and Community
Development.

 
Sec. 6. Allocations from General Fund bond issue. The proceeds of the sale
of the bonds must be expended as designated in the following
schedule.

 
ECONOMIC AND COMMUNITY DEVELOPMENT,

 
DEPARTMENT OF

 
Funds to be allocated to the Gulf$4,000,000

 
of Maine Aquarium to design and

 
construct the Gulf of Maine Research

 
Laboratory to partner with the fishing

 
community on marine research to protect

 
and enhance the commercial fishery of

 
the Gulf of Maine; to partner with the

 
marine biotechnology industry to

 
undertake marine biotechnology research;

 
and to develop and make available an

 
innovative marine sciences education hall

 
focused on middle and secondary school

 
students and the general public.

 
Sec. 7. Contingent upon ratification of bond issue. Sections 1 to 6 do not
become effective unless the people of the State ratify 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 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


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