Bill > LD762

This bill authorizes the State of Maine to issue up to $18,000,000 in general obligation bonds to fund capital costs for maintaining, preserving, and promoting state historic sites. The bonds will be issued by the State Treasurer under the Governor's direction, with a maximum repayment period of 10 years, and represent a full faith and credit pledge by the state. The proceeds will be specifically allocated to the Department of Agriculture, Conservation and Forestry's Bureau of Parks and Lands for historic site improvements. The bill requires that any unspent bond proceeds after 10 years will be returned to the Treasurer's Office to retire general obligation bonds. Additionally, the bill mandates that the bond issue must be ratified by voters in a statewide referendum, where voters will be asked to approve the $18 million bond issue. If approved by a majority of voters, the bill will become effective 30 days after the Governor proclaims the election results. The bill also includes provisions about bond issuance timelines, with bonds needing to be issued within 5 years of ratification, and allows for a potential 5-year extension if needed.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=762&snum=132