| | | 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 to make public | | infrastructure improvements. |
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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 funds to make public infrastructure | | improvements. 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 $8,000,000 to | | raise funds to make public infrastructure improvements as | | authorized by section 6. The bonds are a pledge of the full | | faith and credit of the State. The bonds may not run for a | | period longer than 10 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 6 | | lapse to the debt service account established for the retirement | | of these bonds. |
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| | | Sec. 4. 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. 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 Economic and Community | | Development. |
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| | | Sec. 6. Allocations from General Fund bond issue; to make public infrastructure | | improvements. The proceeds of the sale of the bonds must be | | expended as designated in the following schedule. |
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