Sec. E-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 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.

Sec. E-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.

Sec. E-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 University of Maine System, the University of Southern Maine and the Maine Community College System.

Sec. E-6. Allocations from General Fund bond issue. The proceeds of the sale of the bonds authorized under this Part must be expended as designated in the following schedule.

UNIVERSITY OF MAINE SYSTEM

Provides funds for building renovations $2,000,000

on campuses of the University of Maine

System.

UNIVERSITY OF SOUTHERN MAINE

Provides funds to improve and expand the $2,000,000

facilities of the Osher Lifelong Learning

Institute at the University of Southern Maine

to match $4,000,000 in private funding.

MAINE COMMUNITY COLLEGE SYSTEM

Provides funds for building renovations $5,000,000

at community college campuses.

Sec. E-7. Contingent upon ratification of bond issue. Sections 1 to 6 do not become effective unless the people of the State ratify the issuance of the bonds as set forth in this Part.