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 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 $120,000,000 bond issue to stimulate economic development in the State through investments in research and development, municipal infrastructure and affordable housing and direct business support? The bonds, in the following amounts, would be used for the following purposes:

1. The sum of $15,000,000 to create jobs and reduce property taxes by providing grants and loans to municipalities for public facilities and infrastructure;

2. The sum of $10,000,000 for medical research and development by Maine-based biomedical research institutions;

3. The sum of $5,000,000 to support the State's applied development technology centers;

4. The sum of $22,000,000 to partner with the marine biotechnology industry to undertake marine biotechnology research;