LD 1582
pg. 2
Page 1 of 2 An Act to Authorize a General Fund Bond Issue in the Amount of $4,250,000 to Co... LD 1582 Title Page
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LR 2444
Item 1

 
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 Department of Agriculture, Food and Rural
Resources.

 
Sec. 6. Allocations from General Fund bond issue; construct new or retrofit existing
pollution control structures on Maine farms to protect the environment, to construct
environmentally sound water sources that help avoid drought damage to crops, and to
recapitalize the Potato Market Improvement Fund. The proceeds of the sale of
bonds must be expended as designated in the following schedule.

 
AGRICULTURE, FOOD AND RURAL

 
RESOURCES, DEPARTMENT OF

 
Construction of new or retrofitting$1,250,000

 
of existing pollution control

 
structures on Maine farms to comply

 
with Maine law. These state funds

 
will be matched with federal and

 
private funds.

 
Construction of environmentally$1,000,000

 
sound water sources that help

 
avoid drought damage to crops.

 
Recapitalize the Potato Market$2,000,000

 
Improvement Fund. These state

 
funds will match private funds

 
and be used to construct potato

 
storage facilities.

 
__________

 
TOTAL ALLOCATIONS$4,250,000

 
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 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 $4,250,000 bond issue for the following
purposes:

 
1. $1,250,000 to construct new or retrofit existing pollution
control structures on Maine farms to protect the environment;

 
2. $1,000,000 to construct environmentally sound water
sources that help avoid drought damage to crops; and

 
3. $2,000,000 to recapitalize the Potato Market Improvement
Fund?"

 
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

 
$4,250,000, will be used for the following purposes:

 
1. $1,250,000 to construct new or retrofit existing pollution
control structures on Maine farms to protect the environment;

 
2. $1,000,000 to construct environmentally sound water
sources that help avoid drought damage to crops; and

 
3. $2,000,000 to recapitalize the Potato Market Improvement
Fund.


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