CHAPTER 37
S.P. 422 - L.D. 1378
An Act to Authorize a General Fund Bond Issue in the Amount of $36,700,000 for the State's Public Universities, the Maine Maritime Academy and other Public Learning Centers
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 for the State's public universities, the Maine Maritime Academy and other public learning centers.
Be it enacted by the People of the State of Maine as follows:
Sec. 1. Authorization of bonds to provide for the State's public universities, the Maine Maritime Academy and other public learning centers. 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 $36,700,000 to raise funds for the State's public universities, the Maine Maritime Academy and other public learning centers as authorized by section 6. 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. 2. Records of bonds issued to be kept by the 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. 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 Act. Proceeds may be released to the State's public institutions of higher education and the Maine Maritime Academy only upon receipt by the Treasurer of State of evidence satisfactory to the Treasurer that the State's public institutions of higher education and the Maine Maritime Academy have complied with any requirement to establish and fund a maintenance account for office, laboratory or other building space to be constructed with the proceeds. Any unencumbered balances remaining at the completion of the projects in section 6 lapse to the debt service account established for the retirement of these bonds.
Sec. 4. Interest and debt retirement. The Treasurer of State shall pay interest due or accruing on any bonds issued under this Act and all sums coming due for payment of bonds at maturity.
Sec. 5. Disbursement of bond proceeds. The proceeds of the bonds must be expended as set out in section 6 under the direction and supervision of the University of Maine System, the Maine Maritime Academy and the Maine Technical College System.
Sec. 6. Allocations from General Fund bond issue for improvements at the State's public universities, the Maine Maritime Academy and other public learning centers. The proceeds of the sale of the bonds must be expended as designated in the following schedule.
UNIVERSITY OF MAINE
To pay a portion of design and $4,000,000
construction costs for the Arts
Center.
UNIVERSITY OF MAINE AT FARMINGTON
To pay a portion of the construction of an $4,800,000
education classroom facility.
UNIVERSITY OF MAINE AT PRESQUE ISLE
To pay a portion of the construction of $5,600,000
a health and physical education complex.
UNIVERSITY OF MAINE AT AUGUSTA
To pay a portion of the construction of $4,000,000
a technology classroom and student center
facility.
UNIVERSITY OF MAINE AT FORT KENT
To pay a portion of the construction of $3,200,000
a health/tech center connector building
and the renewal of a library/classroom.
UNIVERSITY OF SOUTHERN MAINE
To pay a portion of the construction of $8,000,000
a community education facility and the
renewal of a library/classroom.
MAINE MARITIME ACADEMY
To pay a portion of the construction and $4,000,000
renovation of dormitories, classrooms and
laboratories.
MAINE TECHNICAL COLLEGE SYSTEM
To renovate and equip classroom space $1,000,000
at the Bath Higher Education Center.
UNIVERSITY OF MAINE SYSTEM
To renovate and equip classroom space at $1,800,000
the Western Maine University Center.
MAINE TECHNICAL COLLEGE SYSTEM
To renovate and equip classroom space at $200,000
the Katahdin Area K-Tech Center.
UNIVERSITY OF MAINE SYSTEM
To renovate and equip classroom space at $100,000
the Calais Center.
Sec. 7. Contingent upon ratification of bond issue. Sections 1 to 6 do not become effective unless the people of the State have ratified the issuance of the bonds as set forth in this Act.
Sec. 8. Appropriation balances at year-end. At the end of each fiscal year, all unencumbered appropriation balances representing state money carry forward. Bond proceeds that have not been expended within 10 years after the date of the sale of the bonds lapse to General Fund debt service.
Sec. 9. Bonds authorized but not issued. Any bonds authorized but not issued, or for which bond anticipation notes are not issued within 5 years of ratification of this Act, are deauthorized and may not be issued; except that the Legislature may, within 2 years after the expiration of that 5-year period, extend the period for issuing any remaining unissued bonds or bond anticipation notes for an additional amount of time not to exceed 5 years.
Sec. 10. Referendum for ratification; submission at statewide election; form of question; effective date. This Act must be submitted to the legal voters of the State of Maine at a statewide election held on the Tuesday following the first Monday of November following passage of this Act. The municipal officers of this State shall notify the inhabitants of their respective cities, towns and plantations to meet, in the manner prescribed by law for holding a statewide election, to vote on the acceptance or rejection of this Act by voting on the following question:
"Do you favor a $36,700,000 bond issue to make improvements to the State's public universities, the Maine Maritime Academy and other public learning centers?"
The legal voters of each city, town and plantation shall vote by ballot on this question and designate their choice by a cross or check mark placed within a corresponding square below the word "Yes" or "No." The ballots must be received, sorted, counted and declared in open ward, town and plantation meetings and returns made to the Secretary of State in the same manner as votes for members of the Legislature. The Governor shall review the returns and, if a majority of the legal votes are cast in favor of this Act, the Governor shall proclaim the result without delay, and this Act becomes effective 30 days after the date of the proclamation.
The Secretary of State shall prepare and furnish to each city, town and plantation all ballots, returns and copies of this Act necessary to carry out the purpose of this referendum.
Effective pending referendum.
| Revisor of Statutes Homepage | Subject Index | Search | Laws of Maine | Maine Legislature |
