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128th MAINE LEGISLATURE |
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LD 140 |
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LR 649(01) |
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An Act To
Authorize a General Fund Bond Issue To Support Entrepreneurial Activity,
Attract Business and Enhance Demographic In-migration by Investing in
High-speed Broadband Infrastructure and To Amend the Law Governing the
Municipal Gigabit Broadband Network Access Fund |
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Preliminary Fiscal
Impact Statement for Original Bill |
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Sponsor: Rep. Higgins of Dover-Foxcroft |
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Committee: Energy, Utilities and Technology |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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Current biennium cost increase - General Fund
Minor cost increase - ConnectME Authority |
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| Bond Issues |
Term (years) |
Principal |
Rate (%) |
Interest |
Total Cost |
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General Fund - Taxable |
10 |
$10,000,000 |
4.75% |
$2,612,500 |
$12,612,500 |
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| Referendum Costs |
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Month/Year |
Election Type |
Question |
Length |
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Nov-17 |
General |
Bond Issue |
Standard |
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The Secretary of
State's budget includes sufficient funds to accommodate one ballot of average
length for the general election in November.
If the number or size of the referendum questions requires production
and delivery of a second ballot, an additional appropriation of $107,250 may
be required. |
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| Fiscal Detail
and Notes |
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Contingent on
approval by the voters, the bond proceeds will be used to further seed the
Municipal Gigabit Broadband Access Fund.
The fund will be used by the ConnectMe Authority for grants to
municipal entities for broadband planning and implementation programs. |
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Any additional
costs associated with rulemaking and program management as a result of the
bond issue are expected to be minor and can be absorbed within the existing
budgeted resources of the authority. |
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