| | Preamble. Two thirds of both Houses of the Legislature deeming | it necessary in accordance with the Constitution of Maine, | Article IX, Section 14, to authorize the issuance of bonds on | behalf of the State of Maine to provide funds for affordable and | accessible housing for persons who are homeless, mentally | retarded or mentally ill. |
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| Be it enacted by the People of the State of Maine as follows: |
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| | Sec. 1. Authorization of bonds to provide for affordable and accessible housing for | persons who are homeless, mentally retarded or mentally ill. 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 $10,000,000 to raise funds for affordable and | accessible housing for persons who are homeless, mentally | retarded or mentally ill as authorized by section 6. The bonds | are a pledge of the full faith and credit of the State. The | bonds may not run for a period longer than 20 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. |
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| | Sec. 2. Records of bonds issued to be kept by the 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. |
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| | Sec. 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 Act. Any unencumbered | balances remaining at the completion of the project in section 6 | lapse to the debt service account established for the retirement | of these bonds. |
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| | Sec. 4. Interest and debt retirement. The Treasurer of State shall pay | interest due or accruing on any bonds issued under this Act and | all sums coming due for payment of bonds at maturity. |
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| | Sec. 5. Disbursement of bond proceeds. The proceeds of the bonds must be | expended as set out in section 6 under the direction and | supervision of the Maine State Housing Authority. |
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| | Sec. 6. Allocations from General Fund bond issue; affordable and accessible housing for | persons who are homeless, mentally retarded or mentally ill. The proceeds of the | sale of bonds must be expended as designated in the following | schedule. |
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