LD 1319
pg. 2
Page 1 of 2 An Act to Authorize a General Fund Bond Issue in the Amount of $28,000,000 to P... LD 1319 Title Page
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LR 990
Item 1

 
To provide funds for public schools$28,000,000

 
renovations in the State

 
Sec. 7. Contingent upon ratification of bond issue. Sections 1 to 6 do not
become effective unless the people of the State have ratified the
issuance of the bonds as set forth in this Act.

 
Sec. 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. 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 Act, 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. 10. Referendum for ratification; submission at statewide election; form of
question; effective date. This Act must be submitted to the legal voters
of the State of Maine 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 Act by
voting on the following question:

 
"Do you favor a $28,000,000 bond issue for school
renovations for Maine's public schools?"

 
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 Act, the Governor shall proclaim the result without
delay, and this Act 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 Act
necessary to carry out the purpose of this referendum.

 
SUMMARY

 
The funds provided by this bond issue, in the amount of
$28,000,000, will be used to renovate Maine's public schools.


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