LD 1776
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LD 1776 Title Page An Act To Authorize a General Fund Bond Issue in the Amount of $150,000,000 To ... Page 2 of 4
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LR 2281
Item 1

 
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 as described in
this Act,

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

 
Sec. 1. Authorization of bonds. 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
$150,000,000 for the purposes described in section 6 of this Act
and to access $50,000,000 in matching contributions from public
and private sources. 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 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.

 
Sec. 3. Sale; how negotiated; proceeds appropriated. The Treasurer of State
may negotiate the sale of the bonds by 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 this Act
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 for acquisition of lands and interests in lands for
conservation, water access, outdoor recreation, wildlife and fish
habitat and farmland preservation in accordance with the
provisions for such acquisitions under the Maine Revised
Statutes, Title 5, chapter 353, except that use of the proceeds
of these bonds is subject to the following conditions and
requirements.


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