| | | Preamble. Two thirds of both Houses of the Legislature deeming | | it necessary in accordance with the Constitution of Maine, | | Article IX, Section 14 to authorize the issuance of bonds on | | behalf of the State of Maine to provide funds as described in | | this Act, |
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| | | Be it enacted by the People of the State of Maine as follows: |
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| | | Sec. A-1. Authorization of bonds. The Treasurer of State is | | authorized, under the direction of the Governor, to issue bonds | | in the name and on behalf of the State in an amount not exceeding | | $5,000,000 for the purposes described in section 6 of this Part. | | The bonds are a pledge of the full faith and credit of the State. | | The bonds may not run for a period longer than 10 years from the | | date of the original issue of the bonds. At the discretion of | | the Treasurer of State, with the approval of the Governor, any | | issuance of bonds may contain a call feature. |
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| | | Sec. A-2. Records of bonds issued kept by 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. |
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| | | Sec. A-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 Part. | | Any unencumbered balances remaining at the completion of the | | project in this Part lapse to the debt service account | | established for the retirement of these bonds. |
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| | | Sec. A-4. Interest and debt retirement. The Treasurer of State shall pay | | interest due or accruing on any bonds issued under this Part and | | all sums coming due for payment of bonds at maturity. |
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| | | Sec. A-5. Disbursement of bond proceeds. The proceeds of the bonds must | | be expended as set out in this Part under the direction and | | supervision of the Department of Economic and Community | | Development. |
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| | | Sec. A-6. Allocations from General Fund bond issue. The proceeds of the | | sale of the bonds authorized under this Part must be expended as | | designated in the following schedule. |
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