LD 1888
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LD 1888 Title Page An Act To Authorize a General Fund Bond Issue in the Amount of $1,200,000 for t... Page 2 of 3
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LR 2652
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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 $1,200,000
for the purposes described in section 6 of this Act. 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 as set out in this Act under the direction and
supervision of the Downeast Institute for Applied Marine Research
and Education.

 
Sec. 6. Allocations from General Fund bond issue. The proceeds of the sale
of the bonds authorized under this Act must be expended as
designated in the following schedule.


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