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bonds to the same extent and in the same manner that the interest | | on bills, bonds, notes or other obligations of the United States is | | includable in the gross income of the holders under the United | | States Internal Revenue Code or any subsequent law. The powers | | conferred by this section are not subject to any limitations or | | restrictions of any law that may limit the power to so covenant and | | consent. |
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| | | Sec. 5. 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. 6. Disbursement of bond proceeds. The proceeds of the bonds must be | | expended as set out in section 7 under the direction and | | supervision of, and in accordance with the land acquisition | | policies and criteria of, the Land for Maine's Future Board, | | established by the Maine Revised Statutes, Title 5, chapter 379. |
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| | | Sec. 7. Allocations from General Fund bond issue; acquisition of land. The proceeds | | of the sale of bonds must be expended as designated in the | | following schedule. |
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| | | Land for Maine's Future Board | | $120,000,000 |
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| | | Acquisitions will be targeted | | to sites with outstanding | | recreational, scenic, natural | | or wildlife values in | | accordance with the policies | | and criteria developed by the | | Land for Maine's Future Board. |
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| | | Sec. 8. Contingent upon ratification of bond issue. Sections 1 to 7 do not | | become effective unless the people of the State have ratified the | | issuance of bonds as set forth in this Act. |
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| | | Sec. 9. 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. |
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