| 123rd MAINE LEGISLATURE | ||||||
| LD 1796 | LR 2594(02) | |||||
| An Act To Authorize Bond Issues for Ratification by the Voters for the June and November 2007 Elections | ||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | ||||||
| Committee: Appropriations and Financial Affairs | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| Current biennium cost increase - General Fund Current biennium cost increase - Highway Fund |
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| Bond Issues | Term (years) | Principal | Rate (%) | Interest | Total Cost | |
| A | Highway Fund - Non-Taxable | 10 | $100,000,000 | 5.0% | $27,500,000 | $127,500,000 |
| A | General Fund - Non-Taxable | 10 | $12,975,000 | 5.0% | $3,568,125 | $16,543,125 |
| B | General Fund - Non-Taxable | 10 | $15,400,000 | 5.0% | $4,235,000 | $19,635,000 |
| B | General Fund - Taxable | 10 | $2,900,000 | 5.75% | $917,125 | $3,817,125 |
| C | General Fund - Non-Taxable | 10 | $43,500,000 | 5.0% | $11,962,500 | $55,462,500 |
| D | General Fund - Taxable | 10 | $55,000,000 | 5.75% | $17,393,750 | $72,393,750 |
| E | General Fund - Non-Taxable | 10 | $29,000,000 | 5.0% | $7,975,000 | $36,975,000 |
| E | General Fund - Taxable | 10 | $6,500,000 | 5.75% | $2,055,625 | $8,555,625 |
| G | General Fund - Non-Taxable | 10 | $29,725,000 | 5.0% | $8,174,375 | $37,899,375 |
| $295,000,000 | $83,781,500 | $378,781,500 | ||||
| Referendum Costs | Month/Year | Election Type | Question | Length | ||
| Jun-07 | Special | Bond Issue | Standard | |||
| Nov-07 | General | Bond Issue | Standard | |||
| Jun-08 | Special | Bond Issue | Standard | |||
| Fiscal Detail and Notes | ||||||
| Election costs - This bill includes an authorization for the Secretary of State to use existing personal services General Fund savings in fiscal year 2006-07 to cover the cost of conducting a special state-wide election in June of 2007; the estimated cost for that special election is $85,000. The Secretary of State's budget includes sufficient funds to accommodate one ballot of average length for the general election in November of 2007. If the number or size of the referendum questions increases the ballot length, an additional appropriation of $8,000 or more may be required. The special state-wide election in June of 2008 will cost an estimated $156,043; no General Fund appropriation has been provided in fiscal year 2007-08 to cover this cost. | ||||||