PUBLIC Law Chapter 462

or before November 30, 2005, shall enter into new leasehold

agreements with those persons and thereafter renew those

leases from time to time on reasonable terms and conditions as

long as the lessee complies with the terms and conditions of

the leases and with all applicable laws and rules of the

State.

Sec. C-2. Application; contingent on bond issue. This Part takes effect
only if the bond issue in Part B is approved by the voters of
this State.

PART D

Sec. D-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
$20,000,000 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.

Sec. D-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.

Sec. D-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 projects in this Part lapse to the debt service account
established for the retirement of these bonds.

Sec. D-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.

Sec. D-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 Education, the Department of
Economic and Community Development, the Maine State Cultural
Affairs Council, the Small Enterprise Growth Board, the
University of Maine and the University of Maine System.

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