LD 394
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Page 1 of 3 An Act To Authorize a General Fund Bond Issue in the Amount of $2,700,000 for M... Page 3 of 3
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LR 1473
Item 1

 
MAINE MARITIME ACADEMY

 
To repair and replace health$2,700,000

 
and safety items; to renovate

 
classroom buildings; to dredge

 
the waterfront; to replace bulk

 
heads and to construct a new

 
classroom and studio at Maine

 
Maritime Academy.

 
Sec. 7. Contingent upon ratification of bond issue. Sections 1 to 6 do not
become effective unless the people of the State ratify 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 statewide election; form of question;
effective date. This Act must be submitted to the legal voters of
the State at a statewide election held on the Tuesday
following the first Monday 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 statewide election, to vote on the acceptance or
rejection of this Act by voting on the following question:

 
"Do you favor a $2,700,000 bond issue for Maine Maritime
Academy for capital improvements, repairs and
construction?"

 
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


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