Bill > LD1014

This bill authorizes the State of Maine to issue $100,000,000 in general obligation bonds to improve infrastructure across all campuses of the University of Maine System. The bonds will be used to enhance public education, research, and economic development activities, with the goal of improving student recruitment and success, strengthening the universities' financial positions, and benefiting local communities. The bond proceeds will fund projects such as renovating, replacing, or removing classrooms, residence halls, research laboratories, and other essential infrastructure, with the requirement that the projects be aligned with the universities' capital plans and strategic objectives. The bonds will have a maximum term of 10 years and will be backed by the full faith and credit of the State. The bill requires voter approval through a statewide referendum, where voters will be asked to decide whether to authorize the bond issue. If approved, the bonds can be issued within 5 years, with the potential for a 2-year extension. Any unspent funds after 10 years will be used to retire general obligation bonds. The bill emphasizes that the bond proceeds will be matched by private and other funds, creating a collaborative approach to improving the University of Maine System's infrastructure and supporting the state's educational and economic development goals.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1014&snum=132