Legislative Document No. 16 H.P. 17 House of Representatives, January 2, 2019
An Act To Authorize a General Fund Bond Issue To Invest in Infrastructure To Address Sea Level Rise
Reference to the Committee on Appropriations and Financial Affairs suggested and ordered printed.
ROBERT B. HUNT Clerk
Presented by Representative BRENNAN of Portland. Cosponsored by Senator VITELLI of Sagadahoc and Representatives: BERRY of Bowdoinham, BLUME of York, DEVIN of Newcastle, DOUDERA of Camden, DUNPHY of Old Town, FECTEAU of Biddeford, JORGENSEN of Portland, PIERCE of Falmouth.
Printed on recycled paper 1 Preamble. Two thirds of both Houses of the Legislature deeming it necessary in 2 accordance with the Constitution of Maine, Article IX, Section 14 to authorize the 3 issuance of bonds on behalf of the State of Maine to provide funds as described in this 4 Act,
5 Be it enacted by the People of the State of Maine as follows:
6 Sec. 1. Authorization of bonds. The Treasurer of State is authorized, under the 7 direction of the Governor, to issue bonds in the name and on behalf of the State in an 8 amount not exceeding $50,000,000 for the purposes described in section 5 of this Act. 9 The bonds are a pledge of the full faith and credit of the State. The bonds may not run for 10 a period longer than 10 years from the date of the original issue of the bonds.
11 Sec. 2. Records of bonds issued; Treasurer of State. The Treasurer of State 12 shall ensure that an account of each bond is kept showing the number of the bond, the 13 name of the successful bidder to whom sold, the amount received for the bond, the date of 14 sale and the date when payable.
15 Sec. 3. Sale; how negotiated; proceeds appropriated. The Treasurer of State 16 may negotiate the sale of the bonds by direction of the Governor, but no bond may be 17 loaned, pledged or hypothecated on behalf of the State. The proceeds of the sale of the 18 bonds, which must be held by the Treasurer of State and paid by the Treasurer of State 19 upon warrants drawn by the State Controller, are appropriated solely for the purposes set 20 forth in this Act. Any unencumbered balances remaining at the completion of the project 21 in this Act lapse to the Office of the Treasurer of State to be used for the retirement of 22 general obligation bonds.
23 Sec. 4. Interest and debt retirement. The Treasurer of State shall pay interest 24 due or accruing on any bonds issued under this Act and all sums coming due for payment 25 of bonds at maturity.
26 Sec. 5. Disbursement of bond proceeds from General Fund bond issue. 27 The proceeds of the sale of the bonds authorized under this Act must be expended as 28 designated in the following schedule under the direction and supervision of the agencies 29 and entities set forth in this section. 30 MARINE RESOURCES, 31 DEPARTMENT OF
32 Provides funds to improve waterfront and coastal infrastructure in municipalities to 33 address sea level rise. 34 35 Total $50,000,000
36 Sec. 6. Contingent upon ratification of bond issue. Sections 1 to 5 do not 37 become effective unless the people of the State ratify the issuance of the bonds as set 38 forth in this Act.
Page 1 - 129LR0333(01)-1 1 Sec. 7. Appropriation balances at year-end. At the end of each fiscal year, all 2 unencumbered appropriation balances representing state money carry forward. Bond 3 proceeds that have not been expended within 10 years after the date of the sale of the 4 bonds lapse to the Office of the Treasurer of State to be used for the retirement of general 5 obligation bonds.
6 Sec. 8. Bonds authorized but not issued. Any bonds authorized but not issued 7 within 5 years of ratification of this Act are deauthorized and may not be issued, except 8 that the Legislature may, within 2 years after the expiration of that 5-year period, extend 9 the period for issuing any remaining unissued bonds for an additional amount of time not 10 to exceed 5 years.
11 Sec. 9. Referendum for ratification; submission at election; form of 12 question; effective date. This Act must be submitted to the legal voters of the State at 13 a statewide election held in the month of November following passage of this Act. The 14 municipal officers of this State shall notify the inhabitants of their respective cities, towns 15 and plantations to meet, in the manner prescribed by law for holding a statewide election, 16 to vote on the acceptance or rejection of this Act by voting on the following question: 17 "Do you favor a $50,000,000 bond issue to improve waterfront and 18 coastal infrastructure in municipalities to address sea level rise?" 19 The legal voters of each city, town and plantation shall vote by ballot on this question 20 and designate their choice by a cross or check mark placed within a corresponding square 21 below the word "Yes" or "No." The ballots must be received, sorted, counted and 22 declared in open ward, town and plantation meetings and returns made to the Secretary of 23 State in the same manner as votes for members of the Legislature. The Governor shall 24 review the returns. If a majority of the legal votes are cast in favor of this Act, the 25 Governor shall proclaim the result without delay and this Act becomes effective 30 days 26 after the date of the proclamation.
27 The Secretary of State shall prepare and furnish to each city, town and plantation all 28 ballots, returns and copies of this Act necessary to carry out the purposes of this 29 referendum.
30 SUMMARY 31 The funds provided by this bond issue, in the amount of $50,000,000, will be used to 32 improve waterfront and coastal infrastructure in municipalities to address sea level rise.
Page 2 - 129LR0333(01)-1