| 124th MAINE LEGISLATURE | ||||||
| LD 775 | LR 1867(01) | |||||
| An Act To Authorize a General Fund Bond Issue To Fund the Communities for Maine's Future Program | ||||||
| Preliminary Fiscal Impact Statement for Original Bill | ||||||
| Sponsor: Sen. Mitchell of Kennebec | ||||||
| Committee: Appropriations and Financial Affairs | ||||||
| Fiscal Note Required: Yes | ||||||
| Preliminary Fiscal Impact Statement | ||||||
| Potential current biennium cost increase - General Fund | ||||||
| 2009-10 | 2010-11 | Projections 2011-12 | Projections 2012-13 | |||
| Appropriations/Allocations | ||||||
| Other Special Revenue Funds | $1,000 | $1,000 | $1,000 | $1,000 | ||
| Bond Issues | Term (years) | Principal | Rate (%) | Interest | Total Cost | |
| General Fund - Non-Taxable | 10 | $25,000,000 | 5.0% | $6,875,000 | $31,875,000 | |
| General Fund - Taxable | 10 | $2,000,000 | 5.5% | $605,000 | $2,605,000 | |
| Referendum Costs | Month/Year | Election Type | Question | Length | ||
| Nov-09 | General | 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 and/or bond questions requires production and delivery of a second ballot, an additional appropriation of $107,250 may be required. | ||||||
| Fiscal Detail and Notes | ||||||
| The Maine Historic Preservation Commission will require Other Special Revenue Funds base allocations of $500 per year in fiscal year 2009-10 and fiscal year 2010-11 to establish the Historic Preservation Revolving Fund to provide funds to qualified nonprofit historic preservation organizations in the State to acquire endangered historic properties. Additional costs to the Commission to administer the Fund and to serve on the Community for Maine's Future Review Panel can be absorbed within existing budgeted resources. | ||||||
| The Department of Economic and Community Development will require Other Special Revenue Funds base allocations of $500 per year in fiscal year 2009-10 and fiscal year 2010-11 to establish the Communities for Maine's Future Fund to provide funding for the rehabilitation, revitalization and enhancement of downtowns and village centers and main streets in the State. The additional costs to the Department of Economic and Community Development associated with administering the program can be absorbed within existing budgeted resources. | ||||||