CHAPTER 35

S.P. 506 - L.D. 1593

An Act to Authorize a General Fund Bond Issue in the Amount

of $12,000,000 to Address the Affordable Housing Crisis in

the State

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 for affordable housing.

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

Sec. 1. Authorization of bonds to address affordable housing crisis. 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 $12,000,000 to raise funds for the Maine State Housing Authority to address the affordable housing crisis in Maine by rehabilitating existing housing, acquiring affordable land and creating new permanent affordable rental units and owner-occupied rental units with attention to the affected populations 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 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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