| | | 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 the | | capitalization of the Cranberry Product Loan Fund. |
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| | | Be it enacted by the People of the State of Maine as follows: |
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| | | Sec. A-1. Authorization of bonds to provide for the capitalization of the Cranberry | | Product Loan Fund. 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 $5,000,000 to | | raise funds for the capitalization of the Cranberry Product Loan | | Fund to provide disbursements to enterprises in critical stages | | of growth, as authorized by 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 5 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. A-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. 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 section 6 of this Part lapse to the debt service | | account established for the retirement of these bonds. |
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| | | 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. |
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| | | Sec. A-5. Taxable bond option. The Treasurer of State, at the | | direction of the Governor, may covenant and consent that the | | interest on the bonds is includable in the gross income of the |
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