124th MAINE LEGISLATURE
		LD 894		LR 1313(01)
	An Act To Establish the Maine Farmland Fund and Authorize a General Fund Bond Issue To Support Maine's Traditional Industries
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Pingree of North Haven
	Committee: Appropriations and Financial Affairs
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
			2009-10	2010-11	Projections 2011-12	Projections 2012-13
Net Cost (Savings)
	General Fund		$112,786	$127,776	$127,776	$127,776
Appropriations/Allocations
	General Fund		$112,786	$127,776	$127,776	$127,776
	Other Special Revenue Funds		$500	$500	$500	$500
Bond Issues		Term (years)	Principal	Rate (%)	Interest	Total Cost
	General Fund - Taxable	10	$5,000,000	5.5%	$1,512,500	$6,512,500
	General Fund - Non-Taxable	10	$11,000,000	5.0%	$3,025,000	$14,025,000
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 questions requires production and delivery of a second ballot, an additional appropriation of $107,250 may be required.
Fiscal Detail and Notes
	This legislation creates the Maine Farmland Fund and will require a base $500 Other Special Revenue Funds allocation in fiscal years 2009-10 and 2010-11 to establish the fund.  The Department of Agriculture, Food and Rural Resources will require a General Fund appropriation of $112,786 in fiscal year 2009-10 and 127,776 in fiscal year 2010-11 for one Planning and Research Associate II position and related administrative costs, including legal fees.  The position will administer the distribution of funds from the Fund.