Bill > LD798

This bill authorizes the State of Maine to issue $50 million in general obligation bonds to support mass timber manufacturing. Specifically, the bond proceeds will be used by the Department of Economic and Community Development to help finance the design, construction, or retrofitting of a manufacturing facility that produces mass timber using sustainably harvested Maine forest products. Mass timber is defined as a category of engineered wood construction materials, including cross-laminated timber, glue-laminated timber, nail-laminated timber, and dowel-laminated timber. The bonds will be issued under the direction of the Governor and the Treasurer of State, with a maximum term of 10 years, and are backed by the full faith and credit of the state. The bill requires the bond issue to be submitted to voters in a statewide referendum, where voters will decide whether to approve the $50 million bond. If approved, the bonds cannot be issued more than 5 years after ratification, and any unspent proceeds after 10 years will be used to retire general obligation bonds. The bill aims to support Maine's forest products industry and promote sustainable manufacturing of advanced wood building materials.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=798&snum=132