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