Whereas, the Department of Environmental Protection requires this $1,000,000 in bonds to meet its projected plan for the cleanup of remaining large tire stockpiles in 2004 in order to protect public health and safety and the environment; now, therefore, be it

Sec. 1. Extension for issuing. Resolved: That, pursuant to the provisions of the Constitution of Maine, Article IX, Section 14, the period for issuance of bonds or of bond anticipation notes authorized but unissued pursuant to Public Law 1997, chapter 561, authorized by the voters in a statewide election held on November 4, 1997, for the cleanup of tire stockpiles, is further extended for a 5- year period.

SUMMARY

This resolve reauthorizes $1,000,000 in bonds not yet issued from a $13,000,000 bond issue for pollution control approved by the voters of the State in November 1997, pursuant to Public Law 1997, chapter 561. Two million dollars of the bond issue was for tire stockpile abatement and $1,000,000 of this amount remains unissued.

The $1,000,000 remaining from the 1997 bond issue was not previously issued because approximately $1,700,000 in previously available dedicated funds and additional money from already issued bonds were expended first and were sufficient to meet obligations to date.

Under the Constitution of Maine, bonds may be issued any time within the first 5 years of the date of ratification by the voters. When the 5-year period has expired, the bonds may not be issued unless the Legislature acts on the matter. By majority vote, the Legislature may extend the 5-year time frame by an additional 5 years if the body takes action within 2 years of the original expiration date. If the Legislature fails to take action within those 2 years, the bond issue is considered deauthorized.