128th MAINE LEGISLATURE
LD 140 LR 649(01)
An Act To Authorize a General Fund Bond Issue To Support Entrepreneurial Activity, Attract Business and Enhance Demographic In-migration by Investing in High-speed Broadband Infrastructure and To Amend the Law Governing the Municipal Gigabit Broadband Network Access Fund
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Rep. Higgins of Dover-Foxcroft
Committee: Energy, Utilities and Technology
Fiscal Note Required: Yes
             
Preliminary Fiscal Impact Statement
Current biennium cost increase - General Fund
Minor cost increase - ConnectME Authority 
Bond Issues Term (years) Principal Rate (%) Interest Total Cost
General Fund - Taxable 10 $10,000,000 4.75% $2,612,500 $12,612,500
Referendum Costs Month/Year Election Type Question Length
Nov-17 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
Contingent on approval by the voters, the bond proceeds will be used to further seed the Municipal Gigabit Broadband Access Fund.  The fund will be used by the ConnectMe Authority for grants to municipal entities for broadband planning and implementation programs. 
Any additional costs associated with rulemaking and program management as a result of the bond issue are expected to be minor and can be absorbed within the existing budgeted resources of the authority.