Bill > LD691

This bill authorizes the Treasurer of State to issue up to $25,000,000 in general obligation bonds for the Small Enterprise Growth Fund (a quasi-state fund operating since 1996), which will support operations and make direct investments into small, independent Maine businesses. The bonds will be used to help accelerate the growth of small companies and create investment programs targeting rural, early-stage, and growth-stage businesses, with a particular focus on attracting high-growth start-ups and equity investors to Maine. The bonds will have a maximum term of 10 years and are backed by the full faith and credit of the State. The bill requires the bonds to be ratified by Maine voters in a statewide referendum, and specifies that if approved, the bond proceeds will be managed by the Finance Authority of Maine. The legislation includes provisions for careful tracking of bond sales, interest payments, and ensures that any unspent funds will ultimately be used to retire general obligation bonds. Additionally, the bill includes a sunset provision that deauthorizes any bonds not issued within 5 years, with a potential 2-year extension possible by the Legislature.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=691&snum=132