Bill > LD1140

This bill authorizes the state of Maine to issue $45 million in general obligation bonds to support and strengthen the state's agricultural economy. The funds will be allocated across four key areas: $35 million will go to the Maine Agriculture, Food and Forest Products Investment Fund to support agricultural and forest products producers and processors (with two-thirds dedicated to agricultural products and one-third to forest products), $5 million will support the state's dairy sector through the Maine Milk Commission, $2.5 million will be used for farmer disaster relief, and $2.5 million will be allocated to the Land for Maine's Future working farmland access and protection program. 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 voter approval through a referendum at a statewide election, where voters will be asked to approve the bond issue. If approved, the bonds can be issued within five years of ratification, with the potential for a two-year extension. Any unspent bond proceeds will eventually be used to retire general obligation bonds. The bill emphasizes supporting Maine's agricultural infrastructure, protecting farmland, and providing financial resilience for farmers.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1140&snum=132