| | | 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 acquisition | | of land and interest in land for conservation, outdoor recreation | | and wildlife habitat protection and farmland preservation. |
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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 conservation, outdoor recreation, wildlife | | habitat protection and farmland preservation. 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 | | $120,000,000 to provide funds for the acquisition of land and | | interest in land for conservation, outdoor recreation and | | wildlife habitat protection and farmland preservation, as | | authorized in section 7. No more than $40,000,000 may be issued | | in the first year and no more than $40,000,000 may be issued in | | the 2nd year and no more than $40,000,000 may be issued in the | | 3rd year, except that any unused balance in the first or 2nd year | | may be added to the specified amount in the 2nd and 3rd years. | | 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 7 | | lapse to the debt service account established for the retirement | | of these bonds. |
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| | | Sec. 4. Taxable bond option. The Treasurer of State, at the direction | | of the Governor, shall covenant and consent that the interest on | | the bonds is includable, under the United States Internal Revenue | | Code, in the gross income of the holders of the |
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