LD 2121
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LD 2121 Title Page An Act to Authorize a General Fund Bond Issue in the Amount of $9,500,000 to Co... Page 2 of 2
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LR 3489
Item 1

 
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 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, to recapitalize
the Potato Market Improvement Fund and to make renovations and
enhance wastewater treatment at the Department of Inland
Fisheries and Wildlife's fish-rearing facilities.

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. Authorization of bonds to provide for funds to 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, to
recapitalize the Potato Market Improvement Fund and to make renovations and enhance
wastewater treatment at the Department of Inland Fisheries and Wildlife's fish-rearing
facilities. 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 $9,500,000 to raise funds to
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, to recapitalize the Potato Market Improvement
Fund and to make renovations and enhance wastewater treatment at
the Department of Inland Fisheries and Wildlife's fish-rearing
facilities 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.

 
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.

 
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


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