LD 2190
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Page 1 of 2 An Act to Authorize a General Fund Bond Issue in the Amount of $25,400,000 for ... LD 2190 Title Page
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LR 3576
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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.

 
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.

 
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 Schoodic educational and research center, the
University of Maine and the University of Southern Maine.

 
Sec. 6. Allocations from General Fund bond issue; economic development. The
proceeds of the sale of the bonds must be expended as designated
in the following schedule.

 
ECONOMIC AND COMMUNITY DEVELOPMENT,

 
DEPARTMENT OF - MAINE RURAL DEVELOPMENT

 
AUTHORITY

 
Seed money for the Maine$5,000,000

 
Rural Development Authority
that will provide loans to
develop and redevelop
commercial facilities.

 
ECONOMIC AND COMMUNITY DEVELOPMENT,

 
DEPARTMENT OF - FINANCE AUTHORITY OF

 
MAINE

 
Recapitalization of the$5,000,000

 
Economic Recovery Loan Program
to provide loans up to $200,000
to assist Maine businesses that
do not have sufficient access
to credit but demonstrate the
ability to survive, preserve
and

 
create jobs and repay
obligations.

 
Regional Economic Development$5,000,000

 
Revolving Loan Program to
recapitalize the revolving loan
fund that provides funding to
regional economic development
agencies to relend for the
purpose of creating and
retaining jobs.

 
ECONOMIC AND COMMUNITY DEVELOPMENT,

 
DEPARTMENT OF

 
Provide funding to leverage$400,000

 
$4,000,000 in federal funding
to redevelop the naval base in
Winter Harbor and Gouldsboro
into an education and research
center. The department must
distribute the funds to a
nonprofit corporation
incorporated in Maine called
the Schoodic Education and
Research Corporation
established to develop the
Schoodic Education and Research
Center.

 
UNIVERSITY OF MAINE

 
Construction of a facility$6,400,000

 
for product development and
support to help solve
manufacturing and engineering
problems for Maine companies.

 
UNIVERSITY OF SOUTHERN MAINE

 
Construction of a facility$4,400,000

 
for product development and
support to help solve
manufacturing and engineering
problems for Maine companies.

 
__________

 
TOTAL ALLOCATIONS$25,400,000

 
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 $25,400,000 bond issue for the following
purposes:

 
(1) The sum of $5,000,000 to encourage economic investment
by businesses by providing low-interest loans to develop and
redevelop commercial facilities;

 
(2) The sum of $5,000,000 to promote job creation by
providing loans of up to $200,000 to Maine businesses that
do not have sufficient access to credit but demonstrate the
ability to survive, preserve and create jobs and repay
obligations;

 
(3) The sum of $5,000,000 to recapitalize a revolving loan
fund that provides funding to regional economic development
agencies to relend for the purpose of creating and retaining
jobs locally;

 
(4) The sum of $400,000 to leverage $4,000,000 in federal
funding to redevelop the naval base in Winter Harbor and
Gouldsboro into an education and research center; and

 
(5) The sum of $10,000,000 for the construction of 2
facilities for product development and support that will
provide the University of Maine and the University of
Southern Maine with the resources needed to help solve daily
manufacturing and engineering problems for Maine companies?"

 
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

 
This is the majority report of the Joint Standing Committee on
Business and Economic Development, and the funds provided by this
bond issue in the amount of $25,400,000 will be used for the
following purposes:

 
1. The sum of $5,000,000 to encourage economic investment by
businesses by providing low-interest loans to develop and
redevelop commercial facilities;

 
2. The sum of $5,000,000 to promote job creation by providing
loans of up to $200,000 to Maine businesses that do not have
sufficient access to credit but demonstrate the ability to
survive, preserve and create jobs and repay obligations;

 
3. The sum of $5,000,000 to recapitalize a revolving loan
fund that provides funding to regional economic development
agencies to relend for the purpose of creating and retaining jobs
locally;

 
4. The sum of $400,000 to leverage $4,000,000 in federal
funding to redevelop the naval base in Winter Harbor and
Gouldsboro into an education and research center; and

 
5. The sum of $10,000,000 for the construction of 2
facilities for product development and support that will provide
the University of Maine and the University of Southern Maine with
the resources needed to help solve daily manufacturing and
engineering problems for Maine companies.


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