Bill > LD506

This bill authorizes the State of Maine to issue $50 million in general obligation bonds to support research and development in key technology sectors. The bonds will be used to provide funding to the Maine Technology Institute for supporting technological innovation through a competitive grant process. The targeted sectors include life sciences, biomedical technology, environmental and renewable energy technology, information technology, advanced technologies for forestry and agriculture, aquaculture and marine technology, composites and advanced materials, and precision manufacturing. Funds must be awarded to Maine-based public and private institutions and must leverage matching private and federal funds on at least a one-to-one basis. The bonds cannot run longer than 10 years, and the bill requires voter approval through a statewide referendum. The Treasurer of State will manage the bond issuance, and any unissued bonds will be deauthorized after 5 years unless the Legislature extends the authorization. The bill specifies that the bonds are a pledge of the full faith and credit of the State, and any unencumbered balances at the project's completion will be used to retire general obligation bonds. The referendum will be held in November, and if approved, the bill will take effect 30 days after the Governor's proclamation of the results.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=506&snum=132