APPROVED CHAPTER
APRIL 22, 2024 654
BY GOVERNOR PUBLIC LAW
STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-FOUR
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S.P. 197 - L.D. 416
An Act to Authorize a General Fund Bond Issue for Research and
Development and Commercialization
Preamble. Two thirds of both Houses of the Legislature deeming it necessary in
accordance with the Constitution of Maine, Article IX, Section 14 to authorize the issuance
of bonds on behalf of the State of Maine to provide funds as described in this Act,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. Authorization of bonds. The Treasurer of State is authorized, under the
direction of the Governor, to issue bonds in the name and on behalf of the State in an
amount not exceeding $25,000,000 for the purposes described in section 5 of this Act. The
bonds are a pledge of the full faith and credit of the State. The bonds may not run for a
period longer than 10 years from the date of the original issue of the bonds.
Sec. 2. Records of bonds issued; Treasurer of State. The Treasurer of State
shall ensure that an account of each bond is kept showing the number of the bond, the name
of the successful bidder to whom sold, the amount received for the bond, the date of sale
and the date when payable.
Sec. 3. Sale; how negotiated; proceeds appropriated. The Treasurer of State
may negotiate the sale of the bonds by direction of the Governor, but no bond may be
loaned, pledged or hypothecated on behalf of the State. The proceeds of the sale of the
bonds, which must be held by the Treasurer of State and paid by the Treasurer of State
upon warrants drawn by the State Controller, are appropriated solely for the purposes set
forth in this Act. Any unencumbered balances remaining at the completion of the project
in this Act lapse to the Office of the Treasurer of State to be used for the retirement of
general obligation bonds.
Sec. 4. Interest and debt retirement. The Treasurer of State shall pay interest
due or accruing on any bonds issued under this Act and all sums coming due for payment
of bonds at maturity.
Sec. 5. Disbursement of bond proceeds from General Fund bond issue. The
proceeds of the sale of the bonds authorized under this Act must be expended as designated
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in the following schedule under the direction and supervision of the agencies and entities
set forth in this section.
DEPARTMENT OF ECONOMIC AND COMMUNITY
DEVELOPMENT
Office of Innovation
Provides funds to the Maine Technology Institute for research and development and
commercialization as prioritized by the Maine Innovation Economy Advisory Board's
most recent innovation economy action plan and the Office of Innovation's most recent
science and technology action plan. The funds must be allocated in support of
technological innovation leading to commercialization in the targeted sectors of life
sciences and biomedical technology, environmental and renewable energy technology,
information technology, advanced technologies for forestry and agriculture, aquaculture
and marine technology, composites and advanced materials and precision
manufacturing. The funds must be awarded through a competitive process and to Maine-
based public and private institutions to leverage matching private and federal funds on
at least a one-to-one basis.
Total $25,000,000
Sec. 6. Contingent upon ratification of bond issue. Sections 1 to 5 do not
become effective unless the people of the State ratify the issuance of the bonds as set forth
in this Act.
Sec. 7. Appropriation balances at year-end. At the end of each fiscal year, all
unencumbered appropriation balances representing state money carry forward. Bond
proceeds that have not been expended within 10 years after the date of the sale of the bonds
lapse to the Office of the Treasurer of State to be used for the retirement of general
obligation bonds.
Sec. 8. Bonds authorized but not issued. Any bonds authorized but not issued
within 5 years of ratification of this Act are deauthorized and may not be issued, except
that the Legislature may, within 2 years after the expiration of that 5-year period, extend
the period for issuing any remaining unissued bonds for an additional amount of time not
to exceed 5 years.
Sec. 9. Referendum for ratification; submission at election; form of
question; effective date. This Act must be submitted to the legal voters of the State at
a statewide election held in the month of November following passage of this Act. The
municipal officers of this State shall notify the inhabitants of their respective cities, towns
and plantations to meet, in the manner prescribed by law for holding a statewide election,
to vote on the acceptance or rejection of this Act by voting on the following question:
"Do you favor a bond issue of $25,000,000 to provide funds, to be awarded
through a competitive process and to leverage matching private and federal
funds on at least a one-to-one basis, for research and development and
commercialization for Maine-based public and private institutions in
support of technological innovation in the targeted sectors of life sciences
and biomedical technology, environmental and renewable energy
technology, information technology, advanced technologies for forestry
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 and agriculture, aquaculture and marine technology, composites and
advanced materials and precision manufacturing?"
The legal voters of each city, town and plantation shall vote by ballot on this question
and designate their choice by a cross or check mark placed within a corresponding square
below the word "Yes" or "No." The ballots must be received, sorted, counted and declared
in open ward, town and plantation meetings and returns made to the Secretary of State in
the same manner as votes for members of the Legislature. The Governor shall review the
returns. If a majority of the legal votes are cast in favor of this Act, the Governor shall
proclaim the result without delay and this Act becomes effective 30 days after the date of
the proclamation.
The Secretary of State shall prepare and furnish to each city, town and plantation all
ballots, returns and copies of this Act necessary to carry out the purposes of this
referendum.
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