LD 998
pg. 4
Page 3 of 18 PUBLIC Law Chapter 462 Page 5 of 18
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LR 2238
Item 1

 
The Secretary of State shall prepare and furnish to each city,
town and plantation all ballots, returns and copies of this Part
necessary to carry out the purposes of this referendum.

 
PART B

 
Sec. B-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
$12,000,000 for the purposes described in section 5 of this Part
and to access $7,000,000 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.

 
Sec. B-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.

 
Sec. B-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
projects in this Part lapse to the debt service account
established for the retirement of these bonds.

 
Sec. B-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. B-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, farmland preservation in
accordance with the provisions for such acquisitions under the
Maine Revised Statutes, Title 5, chapter 353 and working
waterfront preservation in accordance with the terms of this
Part, including all costs associated with such


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