§12538.__Rules

The authority shall adopt rules to implement this chapter. Rules adopted by the authority pursuant to this chapter are routine technical rules pursuant to Title 5, chapter 375, subchapter 2-A.

Sec. D-2. Application; contingent on bond issue. This Part takes effect only if the general revenue bond issue in Part A is approved by the voters of this State.

SUMMARY

PART A

The funds provided by the bond issue in Part A, in the amount of $78,850,000, will be used to stimulate economic growth and job creation through investments in the Maine economy. The funds will be used for the following purposes:

1. The sum of $22,000,000 for medical research and development by Maine-based biomedical research institutions in anticipation of approximately $100,000,000 in federal and private funds for health research to cure disease and to retain Maine graduates by providing high-quality Maine jobs;

2. The sum of $850,000 to purchase the property known as Black Duck Cove on Great Wass Island to serve as the home of the Downeast Institute for Applied Marine Research and Education;

3. The sum of $9,000,000 for marine research and development in anticipation of $9,000,000 in federal and private funding for competitive capital infrastructure grants to sustain and develop Maine's marine-based economy;

4. The sum of $5,000,000 for forestry and agricultural research and development in anticipation of $5,000,000 in federal and private funding for competitive grants to sustain Maine's forestry and agricultural economy;

5. The sum of $2,000,000 for the Small Enterprise Growth Fund for equity investments in small Maine companies with potential for high growth to leverage private equity investments;