Bill > LD560

This bill authorizes the Treasurer of State to issue up to $75 million in general obligation bonds to improve coastal climate resiliency. The bonds will be used to provide grants to county, municipal, and tribal governments, as well as regional councils, to help them upgrade their engineered beaches and enhance their ability to adapt to climate change impacts. The bonds cannot run for more than 10 years and are backed by the full faith and credit of the State of Maine. The bond proceeds will be administered by the Office of Policy Innovation and the Future, and any unspent funds will be used to retire general obligation bonds. The bill requires voter approval through a statewide referendum in November, where voters will decide whether to approve the $75 million bond issue. If approved, the bonds become effective 30 days after the Governor proclaims the election results. The bill also includes provisions for how the bonds will be sold, tracked, and managed, with specific guidelines about unused funds, bond issuance timelines, and fiscal year carryover.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=560&snum=132