| 122nd MAINE LEGISLATURE | |||||||||
| LD 1020 | LR 2244(01) | ||||||||
| An Act To Authorize a General Fund Bond Issue To Stimulate Economic Growth and Job Creation through Investments in the Maine Economy | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Smith of Monmouth | |||||||||
| Committee: Appropriations and Financial Affairs | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Current biennium cost increase - General Fund | |||||||||
| Bond Issues | Term(years) | Principal | Rate (%) | Interest | Total Cost | ||||
| General Fund - Non-taxable | 10 | $78,850,000 | 3.7% | $16,045,975 | $94,895,975 | ||||
| Referendum Costs | Month/Year | Election Type | Question | Length | |||||
| Jun-05 | Special | Bond Issue | Standard | ||||||
| The Secretary of State's budget includes sufficient funds to accommodate one ballot of average length for the general election in November. If the number or size of the referendum questions increases the ballot length, an additional appropriation of $8,000 or more may be required. A special election would require an additional appropriation of $139,560. | |||||||||
| Fiscal Detail and Notes | |||||||||
| The Finance Authority of Maine estimates the cost to establish and administer the loan repayment program to be $28,200 in fiscal year 2005-06 and $5,500 per year beginning in fiscal year 2006-07. The one-time cost of $22,700 in fiscal year 2005-06 is associated with programming costs, rulemaking, materials development and other printing and mailing expenses. The Authority projects the ongoing costs of administering the program to be $5,500 annually. Since the Authority expects to be able to establish and administer the program within the funding provisions included in this legislation, no additional General Fund appropriations are required. | |||||||||