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or before November 30, 2005, shall enter into new leasehold | | agreements with those persons and thereafter renew those | | leases from time to time on reasonable terms and conditions as | | long as the lessee complies with the terms and conditions of | | the leases and with all applicable laws and rules of the | | State. |
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| | | Sec. C-2. Application; contingent on bond issue. This Part takes effect | | only if the bond issue in Part B is approved by the voters of | | this State. |
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| | | Sec. D-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 | | $20,000,000 for the purposes described in section 6 of 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. |
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| | | Sec. D-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. D-3. Sale; how negotiated; proceeds appropriated. The Treasurer of | | State may negotiate the sale of the bonds by |
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| | | 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 projects in this Part lapse to the debt service account | | established for the retirement of these bonds. |
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| | | Sec. D-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. D-5. Disbursement of bond proceeds. The proceeds of the bonds must | | be expended as set out in this Part under the direction and | | supervision of the Department of Education, the Department of | | Economic and Community Development, the Maine State Cultural | | Affairs Council, the Small Enterprise Growth Board, the | | University of Maine and the University of Maine System. |
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