Sec. D-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 $20,000,000 for the purposes described in section 6 of 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. D-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. D-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 projects in this Part lapse to the debt service account established for the retirement of these bonds.
Sec. D-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. D-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 Education, the Department of Economic and Community Development, the Maine State Cultural Affairs Council, the Small Enterprise Growth Board, the University of Maine and the University of Maine System.
Sec. D-6. Allocations from General Fund bond issue. The proceeds of the sale of the bonds authorized under this Part must be expended as designated in the following schedule.
DEPARTMENT OF ECONOMIC AND
COMMUNITY DEVELOPMENT
Provides funds for the Maine Biomedical $8,000,000
Research Fund to support capital
infrastructure and equipment in anticipation
of approximately $36,000,000 in federal
and private funds. Eligible institutions
are those delineated in the Maine Revised
Statutes, Title 5, section 13103.
Provides funds for the Marine $4,000,000
Infrastructure and Technology Fund
administered by the Maine Technology
Institute to match $4,000,000 in federal and
private funding for competitive capital
infrastructure grants to nonprofit marine
research laboratories, institutions and
state governmental and quasi-governmental
agencies. Eight hundred fifty thousand
dollars is set aside to purchase the property
known as Black Duck Cove on Great Wass
Island to serve as the home of the Downeast
Institute for Applied Marine Research
and Education. If the institute receives
$1,000,000 or more from the Federal
Government for this purpose, then the
funds set aside are to be awarded as
competitive grants.
SMALL ENTERPRISE GROWTH BOARD
Provides funds for the Small Enterprise $1,000,000
Growth Fund to make equity investments
in small Maine companies with the potential
for high growth to leverage funds of at least
$1,000,000.
MAINE STATE CULTURAL AFFAIRS COUNCIL
Provides funds for the New Century $1,000,000
Community Program in anticipation of
$3,000,000 in matching funds to invest
in capital improvements improving
cultural assets, including libraries,
museums, historical buildings, theaters
and arts facilities.
DEPARTMENT OF EDUCATION
Provides funds for the development $1,000,000
of the Sunrise Business and Career
Center in the Town of Jonesboro.
UNIVERSITY OF MAINE
Provides funds for the Laboratory for $2,000,000
Surface Science Technology.
Provides funds to renovate Camden $1,000,000
Hall on the University of Maine Bangor
campus for a graduate school for biomedical
science.
UNIVERSITY OF MAINE SYSTEM
Provides funds for the career center $2,000,000
facility at the University of Southern
Maine's Lewiston-Auburn College.
Funds will be used for capital costs
and equipment for the center.
Sec. D-7. Contingent upon ratification of bond issue. Sections 1 to 6 do not become effective unless the people of the State ratify the issuance of the bonds as set forth in this Part.
Sec. D-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. D-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. D-10. 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 held on the Tuesday following the first Monday of November following passage of this Act. 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 $20,000,000 bond issue to stimulate economic growth and job creation through investments in the Maine economy in anticipation of approximately $44,000,000 in federal and private funds for medical research and development; marine research and development; equity investments in small Maine companies with potential for high growth; the New Century Community Program for capital improvements to cultural resources; the renovation of Camden Hall on the University of Maine Bangor campus for a graduate school for biomedical science; the development of the Laboratory for Surface Science Technology; capital costs and equipment for the career center facility at the University of Southern Maine's Lewiston-Auburn College; and the development of the Sunrise Business and Career Center in the Town of Jonesboro?"
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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