CHAPTER 50

H.P. 1148 - L.D. 1566

An Act To Authorize a General Fund Bond Issue in the Amount

of $60,000,000 for Municipal Facilities and for Investments

in Research, Development, Farming and Affordable Housing in

Order To Sustain and Improve Maine's Economy

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:

PART A

Sec. A-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 $60,000,000 to raise funds for recapitalizing the Municipal Investment Trust Fund; expanding research and development facilities in the University of Maine System; supporting marine research infrastructure and technology; supporting applied technology development centers; funding economic improvement; completing, expanding and equipping 2 floors of a University of Southern Maine science building; designing and constructing the Gulf of Maine Research Laboratory; funding the capital research infrastructure needs at the University of Maine agricultural research farms; supporting Maine Farms for the Future Program; funding educational technology improvements; supporting biomedical research and development; and developing affordable housing in Maine as authorized by this Part. 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.