Sec. A-1. Authorization of bonds. The Treasurer of State is authorized, under the direction of the Governor, to issue bonds in the name and on behalf of the State in an amount not exceeding $60,000,000 to raise funds for recapitalizing the Municipal Investment Trust Fund; expanding research and development facilities in the University of Maine System; supporting marine research infrastructure and technology; supporting applied technology development centers; funding economic improvement; completing, expanding and equipping 2 floors of a University of Southern Maine science building; designing and constructing the Gulf of Maine Research Laboratory; funding the capital research infrastructure needs at the University of Maine agricultural research farms; supporting Maine Farms for the Future Program; funding educational technology improvements; supporting biomedical research and development; and developing affordable housing in Maine as authorized by this Part. The bonds are a pledge of the full faith and credit of the State. The bonds may not run for a period longer than 10 years from the date of the original issue of the bonds. At the discretion of the Treasurer of State, with the approval of the Governor, any issuance of bonds may contain a call feature.
Sec. A-2. Records of bonds issued kept by Treasurer of State. The Treasurer of State shall keep an account of each bond showing the number of the bond, the name of the successful bidder to whom sold, the amount received for the bond, the date of sale and the date when payable.
Sec. A-3. Sale; how negotiated; proceeds appropriated. The Treasurer of State may negotiate the sale of the bonds by direction of the Governor, but no bond may be loaned, pledged or hypothecated on behalf of the State. The proceeds of the sale of the bonds, which must be held by the Treasurer of State and paid by the Treasurer of State upon warrants drawn by the State Controller, are appropriated solely for the purposes set forth in this Part. Any unencumbered balances remaining at the completion of the project in this Part lapse to the debt service account established for the retirement of these bonds.
Sec. A-4. Interest and debt retirement. The Treasurer of State shall pay interest due or accruing on any bonds issued under this Part and all sums coming due for payment of bonds at maturity.
Sec. A-5. Disbursement of bond proceeds. The proceeds of the bonds must be expended as set out in this Part under the direction and supervision of the Department of Tourism, Economic and Community Development, the University of Maine System, the Department of Agriculture, Food and Rural Resources and the Maine State Housing Authority.
Sec. A-6. Allocations from General Fund bond issue. The proceeds of the sale of the bonds must be expended as designated in the following schedule.
Tourism, Economic and Community Development, Department of
Recapitalize the Municipal Investment $6,000,000
Trust Fund to provide grants and loans
to municipalities for public facilities
and infrastructure.
University of Maine System - University of Maine
Provide funds for the Advanced $6,000,000
Engineered Wood Composites Center
to expand research facilities for
engineered wood composite
structures.
University of Maine System
Provide funds for educational technology $3,000,000
improvements.
University of Maine System
Provide funds for the Maine Economic $3,600,000
Improvement Fund, in anticipation of
$12,000,000 in federal and other funding,
for research and development activities.
University of Maine System - University of Southern Maine
Provide funds to complete, expand and $4,400,000
equip 2 floors of the research wing of the
science building on the Portland campus.
Tourism, Economic and Community Development, Department of
Provide funds to the Marine Infrastructure $1,000,000
and Technology Fund, in anticipation of
$1,000,000 in federal and private funding.
Eligible institutions include Maine's private
Nonprofit institutions and state
governmental and quasi-governmental
agencies, excluding organizations
eligible to participate in
the programs under the Maine Revised
Statutes, Title 5, section 13103 and the
University of Maine System.
Tourism, Economic and Community Development, Department of
Provide funds to the Maine Biomedical $20,000,000
Research Fund, in anticipation of
approximately $100,000,000 in federal
and private funding, to support capital
infrastructure and equipment.
Eligible institutions are those delineated
In the Maine Revised Statutes, Title 5,
section 13103. These institutions are
subject to the reporting requirements
in this Act related to the Maine
Biomedical Research Fund.
Tourism, Economic and Community Development, Department of
Provide funds to the applied technology $2,000,000
development centers identified in section
10 of this Part for infrastructure
improvements.
These funds are subject
to the allocation requirements identified
in section 10 of this Part.
Tourism, Economic and Community Development, Department of
Provide funds to be allocated to design $3,000,000
and construct the Gulf of Maine Research
Laboratory to partner with the fishing
community on marine research to protect
and enhance the commercial fishery of
the Gulf of Maine; to partner with the
marine biotechnology industry to
undertake marine biotechnology research;
and to develop and make available an
innovative marine sciences education hall
focused on middle and secondary school
students and the general public.
Agriculture, Food and Rural Resources, Department of
Provide funds to the Maine Farms for the $2,000,000
Future Program.
University of Maine System - University of Maine
Provide funds for capital research $1,000,000
infrastructure needs at the University
of Maine agricultural research farms.
Maine State Housing Authority
Provide funds for affordable housing, $8,000,000
consistent with the Maine Revised
Statutes,Title 30-A, section 4347-A, in
anticipation of $21,150,000 in federal
and private funding. At least $7,500,000
of the funds will be for workforce
housing with the balance for other
multifamily and single-family housing.
_____________
TOTAL ALLOCATIONS $60,000,000
Sec. A-7. Contingent upon ratification of bond issue. Sections 1 to 6 of this Part do not become effective unless the people of the State ratify the issuance of the bonds as set forth in this Part.
Sec. A-8. Appropriation balances at year-end. At the end of each fiscal year, all unencumbered appropriation balances representing state money carry forward. Bond proceeds that have not been expended within 10 years after the date of the sale of the bonds lapse to General Fund debt service.
Sec. A-9. Bonds authorized but not issued. Any bonds authorized but not issued, or for which bond anticipation notes are not issued within 5 years of ratification of this Part, are deauthorized and may not be issued, except that the Legislature may, within 2 years after the expiration of that 5-year period, extend the period for issuing any remaining unissued bonds or bond anticipation notes for an additional amount of time not to exceed 5 years.
Sec. A-10. Applied Technology Development Centers; criteria for distribution of bond proceeds. The Department of Tourism, Economic and Community Development shall establish a process for distributing the bond proceeds allocated in this Part among the following applied technology development centers: the Center for Environmental Enterprise in South Portland; the Thomas M. Teague Biotechnology Park in Fairfield; the River Valley Technology Center in Rumford; and the composite technology center facility in Greenville.
Funds must be allocated based upon the following priorities:
1. Safety and structural integrity;
2. Completion of renovations currently in process;
3. Accomplishment of planned renovations; and
4. Debt relief for completed projects.
Sec. A-11. Report. The Department of Tourism, Economic and Community Development shall report to the Joint Standing Committee on Business, Research and Economic Development by November 15, 2003 on the planned distribution to date of the funds as provided in this Part.
Sec. A-12. Referendum for ratification; submission at statewide election; form of question; effective date. This Part must be submitted to the legal voters of the State at a statewide election on the Tuesday following the 2nd Monday of June following passage of this Part. The municipal officers of this State shall notify the inhabitants of their respective cities, towns and plantations to meet, in the manner prescribed by law for holding a statewide election, to vote on the acceptance or rejection of this Part by voting on the following question:
"Do you favor a $60,000,000 bond issue to stimulate economic growth and job creation through investments in research and development, municipal infrastructure and facilities, the Maine Farms for the Future Program and affordable housing, in anticipation of approximately $134,150,000 in federal and private funds? The bonds would be used for the following purposes:
1. The sum of $6,000,000 to create jobs and reduce property tax burdens by providing grants and loans to municipalities for public facilities and infrastructure;
2. The sum of $6,000,000 to create jobs and stimulate economic growth through expanded research, development, technology commercialization and business incubation facilities at the Advanced Engineered Wood Composites Center at the University of Maine;
3. The sum of $3,000,000 to support educational technology improvements at the University of Maine System;
4. The sum of $3,600,000 in anticipation of $12,000,000 in federal and private funding for University of Maine System research and development activities;
5. The sum of $4,400,000 to expand and equip research and development facilities at the Portland campus of the University of Southern Maine;
6. The sum of $1,000,000 in anticipation of $1,000,000 in federal and private funding for grants to nonprofit marine institutions for research and development;
7. The sum of $20,000,000 for medical research and development by Maine-based biomedical research institutions in anticipation of approximately $100,000,000 in federal and private funds for health research to cure disease and to retain Maine graduates by providing quality Maine jobs;
8. The sum of $2,000,000 to support the State's applied technology development centers;
9. The sum of $3,000,000 to create jobs and stimulate economic growth through the design and construction of the Gulf of Maine Research Laboratory;
10. The sum of $2,000,000 to support the Maine Farms for the Future Program;
11. The sum of $1,000,000 to support funding for the University of Maine agricultural research farms; and
12. The sum of $8,000,000 in anticipation of $21,150,000 in federal and private funds for affordable housing.
The legal voters of each city, town and plantation shall vote by ballot on this question and designate their choice by a cross or check mark placed within a corresponding square below the word "Yes" or "No." The ballots must be received, sorted, counted and declared in open ward, town and plantation meetings and returns made to the Secretary of State in the same manner as votes for members of the Legislature. The Governor shall review the returns and, if a majority of the legal votes are cast in favor of this Part, the Governor shall proclaim the result without delay, and this Part becomes effective 30 days after the date of the proclamation.
The Secretary of State shall prepare and furnish to each city, town and plantation all ballots, returns and copies of this Part necessary to carry out the purposes of this referendum.
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