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, the Maine Rural Development Authority and the Finance Authority of Maine.

Sec. 6. Allocations from General Fund bond issue; capitalizing the Maine Rural Development Authority and the Municipal Investment Trust Fund, renovation of infrastructure at the Schoodic Education and Research Center and the recapitalization of the Economic Recovery Loan Program and the Regional Economic Development Revolving Loan Program. The proceeds of the sale of the bonds must be expended as designated in the following schedule.

Maine Rural Development Authority

Capitalization of the Maine Rural Development $15,000,000

Authority to implement the Community

Industrial Building Program and the

Commercial Facilities Development and

Redevelopment Program

Department of Economic and Community

Development

Renovation of buildings and associated $2,150,000

infrastructure for the development of the

Schoodic Education and Research Center to

match $3,000,000 in federal funding

Capitalization of the Municipal Investment $4,000,000

Trust Fund, providing loans and grants to

municipalities for public infrastructure to

support economic development and other

purposes of the fund

Finance Authority of Maine

Recapitalization of the Economic Recovery $5,000,000

Loan Program

Recapitalization of Regional Economic $5,000,000

Development Loan Program

__________

TOTAL ALLOCATIONS $31,150,000

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 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 general election; form of question; effective date. This Act must be submitted to the legal voters of the State of Maine at the next general election in the month 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 general election, to vote on the acceptance or rejection of this Act by voting on the following question:

"Do you favor a $31,150,000 bond issue to stimulate job growth in rural Maine. The bonds would be used for the following purposes:

1. $15,000,000 to capitalize the Maine Rural Development Authority to facilitate job creation through the development and redevelopment of commercial and industrial buildings in Maine;

2. $4,000,000 for the Municipal Investment Trust Fund, providing loans and grants to municipalities for public infrastructure to support economic development and other purposes of the fund;

3. $2,150,000 for renovation of buildings and associated infrastructure at the Schoodic Education and Research Center. State bond funds will match $3,000,000 in federal funds; and

4. $10,000,000 to the Finance Authority of Maine to create and retain Maine jobs through the funding of community, regional and state business financing programs?"

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 $31,150,000, will be used for the following purposes:

1. To capitalize the Maine Rural Development Authority to facilitate job creation through the development and redevelopment of commercial and industrial buildings in Maine, $15,000,000;

2. For the Municipal Investment Trust Fund, providing loans and grants to municipalities for public infrastructure to support economic development and other purposes of the fund, $4,000,000;

3. For renovation of buildings and associated infrastructure at the Schoodic Education and Research Center, $2,150,000. State bond funds will match $3,000,000 in federal funds; and

4. To the Finance Authority of Maine to create and retain Maine jobs through the funding of community, regional and state business financing programs, $10,000,000.