CHAPTER 39

S.P. 551 - L.D. 1709

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

of $5,000,000 for Research and Development Equipment and

Infrastructure

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 research and development equipment and infrastructure.

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

Sec. 1. Authorization of bonds to provide for research and development equipment and infrastructure. 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 $5,000,000 to raise funds for research and development equipment and infrastructure 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.

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