Legislative Document No. 1634 H.P. 1177 House of Representatives, April 25, 2019
An Act To Create the Maine Clean Energy Fund and To Authorize a General Fund Bond Issue To Capitalize the Fund
Reference to the Committee on Energy, Utilities and Technology suggested and ordered printed.
ROBERT B. HUNT Clerk
Presented by Representative ZEIGLER of Montville. Cosponsored by Representatives: ACKLEY of Monmouth, DAUGHTRY of Brunswick, DOUDERA of Camden, HUBBELL of Bar Harbor, MATLACK of St. George, RYKERSON of Kittery, Senators: CHIPMAN of Cumberland, SANBORN, L. of Cumberland.
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 $100,000,000 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 Efficiency Maine Trust
32 Provides funds for the Maine Clean Energy Fund to support the development of 33 renewable and clean energy technologies and infrastructure through providing 34 financing support including loans, loan guarantees and other financial and risk 35 mitigation products.
36 Total $100,000,000
Page 1 - 129LR0009(01)-1 1 Sec. A-6. Contingent upon ratification of bond issue. Sections 1 to 5 do not 2 become effective unless the people of the State ratify the issuance of the bonds as set 3 forth in this Part.
4 Sec. A-7. Appropriation balances at year-end. At the end of each fiscal year, 5 all unencumbered appropriation balances representing state money carry forward. Bond 6 proceeds that have not been expended within 10 years after the date of the sale of the 7 bonds lapse to the Office of the Treasurer of State to be used for the retirement of general 8 obligation bonds.
9 Sec. A-8. Bonds authorized but not issued. Any bonds authorized but not 10 issued within 5 years of ratification of this Part are deauthorized and may not be issued, 11 except that the Legislature may, within 2 years after the expiration of that 5-year period, 12 extend the period for issuing any remaining unissued bonds for an additional amount of 13 time not to exceed 5 years.
14 Sec. A-9. Referendum for ratification; submission at election; form of 15 question; effective date. This Part must be submitted to the legal voters of the State at 16 a statewide election held in the month of November following passage of this Act. The 17 municipal officers of this State shall notify the inhabitants of their respective cities, towns 18 and plantations to meet, in the manner prescribed by law for holding a statewide election, 19 to vote on the acceptance or rejection of this Part by voting on the following question: 20 "Do you favor a $100,000,000 bond issue for the Maine Clean Energy 21 Fund to support the development of renewable and clean energy 22 technologies and infrastructure through providing financing support 23 including loans, loan guarantees and other financial and risk mitigation 24 products?" 25 The legal voters of each city, town and plantation shall vote by ballot on this question 26 and designate their choice by a cross or check mark placed within a corresponding square 27 below the word "Yes" or "No." The ballots must be received, sorted, counted and 28 declared in open ward, town and plantation meetings and returns made to the Secretary of 29 State in the same manner as votes for members of the Legislature. The Governor shall 30 review the returns. If a majority of the legal votes are cast in favor of this Part, the 31 Governor shall proclaim the result without delay and this Part becomes effective 30 days 32 after the date of the proclamation.
33 The Secretary of State shall prepare and furnish to each city, town and plantation all 34 ballots, returns and copies of this Part necessary to carry out the purposes of this 35 referendum.
36 PART B 37 Sec. B-1. 5 MRSA §12004-F, sub-§19 is enacted to read: 38 19. 39 Board of Directors, Maine Legislative Per Diem 35-A MRSA §10124 40 Clean Energy Fund Plus Expenses
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