| | | 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. 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 | | $50,000,000 for the purposes described in section 5 of this Part | | and to access $25,000,000 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. |
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| | | Sec. A-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. A-3. Sale; how negotiated; purposes 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 Part. | | Any unencumbered balances remaining at the completion of the | | project in this Part lapse to the debt service account | | established for the retirement of these bonds. |
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| | | Sec. A-4. Interest and debt retirement. The Treasurer of State shall pay | | interest due or accruing on any bonds issued under this Part and | | all sums coming due for payment of bonds at maturity. |
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| | | Sec. A-5. Disbursement of bond proceeds; purposes. The proceeds of the | | bonds must be expended as set out in this Part under the | | direction and supervision of the Land for Maine's Future Board. | | The proceeds of the bonds must be expended for acquisition of | | land and interest in land for conservation, water access, outdoor | | recreation, wildlife and fish habitat and |
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