Legislative Document No. 1836 S.P. 620 In Senate, June 5, 2019
An Act To Authorize a General Fund Bond Issue for Infrastructure, Economic Development, Workforce Development and Energy and Environment Investment
Reference to the Committee on Appropriations and Financial Affairs suggested and ordered printed.
DAREK M. GRANT Secretary of the Senate
Presented by Senator BREEN of Cumberland. (GOVERNOR'S BILL) Cosponsored by Representative GATTINE of Westbrook.
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 PART A 7 Sec. A-1. Authorization of bonds. The Treasurer of State is authorized, under 8 the direction of the Governor, to issue bonds in the name and on behalf of the State in an 9 amount not exceeding $105,000,000 for the purposes described in section 5 of this Part. 10 The bonds are a pledge of the full faith and credit of the State. The bonds may not run for 11 a period longer than 10 years from the date of the original issue of the bonds.
12 Sec. A-2. Records of bonds issued; Treasurer of State. The Treasurer of 13 State shall ensure that an account of each bond is kept showing the number of the bond, 14 the name of the successful bidder to whom sold, the amount received for the bond, the 15 date of sale and the date when payable.
16 Sec. A-3. Sale; how negotiated; proceeds appropriated. The Treasurer of 17 State may negotiate the sale of the bonds by direction of the Governor, but no bond may 18 be loaned, pledged or hypothecated on behalf of the State. The proceeds of the sale of the 19 bonds, which must be held by the Treasurer of State and paid by the Treasurer of State 20 upon warrants drawn by the State Controller, are appropriated solely for the purposes set 21 forth in this Part. Any unencumbered balances remaining at the completion of the project 22 in this Part lapse to the Office of the Treasurer of State to be used for the retirement of 23 general obligation bonds.
24 Sec. A-4. Interest and debt retirement. The Treasurer of State shall pay 25 interest due or accruing on any bonds issued under this Part and all sums coming due for 26 payment of bonds at maturity.
27 Sec. A-5. Disbursement of bond proceeds from General Fund bond issue. 28 The proceeds of the sale of the bonds authorized under this Part must be expended as 29 designated in the following schedule under the direction and supervision of the agencies 30 and entities set forth in this section. 31 TRANSPORTATION, DEPARTMENT 32 OF
33 Provides funds to construct, reconstruct or rehabilitate Priority 1, Priority 2 and 34 Priority 3 state highways under the Maine Revised Statutes, Title 23, section 73, 35 subsection 7 and associated improvements, for the municipal partnership initiative 36 and to replace and rehabilitate bridges.
37 Total $80,000,000
Page 1 - 129LR2554(01)-1 1 Provides funds for facilities or equipment related to ports, harbors, marine 2 transportation, aviation, freight and passenger railroads, transit and bicycle and 3 pedestrian trails that preserve public safety or otherwise have demonstrated high 4 transportation economic value including property acquisition.
5 Total $20,000,000
6 ENVIRONMENTAL PROTECTION, 7 DEPARTMENT OF
8 Provides funds for a competitive grant program that matches local funding for the 9 upgrade of municipal culverts at stream crossings in order to improve fish and 10 wildlife habitats and increase community safety. Eligible project sponsors include 11 local governments, municipal conservation commissions, soil and water conservation 12 districts and private nonprofit organizations. A proposal for funding from an eligible 13 project sponsor must include a map and summary of the proposed project, describing 14 how it meets the following criteria: 15 1. Contribution to competitive grant program goals. The extent to which the 16 proposed project allows communities to more effectively prepare for storm and flood 17 events and advances the goals of restoring habitat for fish, including sea-run fish and 18 native brook trout; and 19 2. Cost-effectiveness. The extent to which the proposed project represents an 20 efficient and cost-effective investment, including the proportion of total project 21 funding that will be provided from other sources and the potential avoided costs 22 associated with the proposed project. Funds may not be used to cover all of the costs 23 associated with a proposed project.
24 Total $4,000,000
25 ECONOMIC AND COMMUNITY 26 DEVELOPMENT, DEPARTMENT OF
27 Provides funds for the renovation of a wharf and bulkhead at the Gulf of Maine 28 Research Institute in Portland to bring the wharf back into operation for a fishing 29 vessel berthing resource to support marine research at sea, for commercial fishing 30 access and for continued long-term marine job development.
31 Total $1,000,000
Page 2 - 129LR2554(01)-1