Legislative Document No. 1604 S.P. 510 In Senate, April 18, 2019
An Act To Authorize General Fund Bond Issues To Improve Highways, Bridges and Multimodal Facilities
Reference to the Committee on Appropriations and Financial Affairs suggested and ordered printed.
DAREK M. GRANT Secretary of the Senate
Presented by Senator DIAMOND of Cumberland. (GOVERNOR'S BILL) Cosponsored by Representative MILLETT of Waterford and Senator: FARRIN of Somerset, Representatives: DUNPHY of Old Town, KESCHL of Belgrade, MARTIN of Greene, McLEAN of Gorham, PERKINS of Oakland, PIERCE of Falmouth, WADSWORTH of Hiram.
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 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 - 129LR2479(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 Sec. A-6. Contingent upon ratification of bond issue. Sections 1 to 5 do not 7 become effective unless the people of the State ratify the issuance of the bonds as set 8 forth in this Part.
9 Sec. A-7. Appropriation balances at year-end. At the end of each fiscal year, 10 all unencumbered appropriation balances representing state money carry forward. Bond 11 proceeds that have not been expended within 10 years after the date of the sale of the 12 bonds lapse to the Office of the Treasurer of State to be used for the retirement of general 13 obligation bonds.
14 Sec. A-8. Bonds authorized but not issued. Any bonds authorized but not 15 issued within 5 years of ratification of this Part are deauthorized and may not be issued, 16 except that the Legislature may, within 2 years after the expiration of that 5-year period, 17 extend the period for issuing any remaining unissued bonds for an additional amount of 18 time not to exceed 5 years.
19 Sec. A-9. Referendum for ratification; submission at election; form of 20 question; effective date. This Part must be submitted to the legal voters of the State at 21 a statewide election held in the month of November following passage of this Act. The 22 municipal officers of this State shall notify the inhabitants of their respective cities, towns 23 and plantations to meet, in the manner prescribed by law for holding a statewide election, 24 to vote on the acceptance or rejection of this Part by voting on the following question: 25 "Do you favor a $100,000,000 bond issue for reconstruction and 26 rehabilitation of highways and bridges and for facilities or equipment 27 related to ports, harbors, marine transportation, freight and passenger 28 railroads, aviation, transit and bicycle and pedestrian trails, to be used to 29 match an estimated $137,000,000 in federal and other funds?" 30 The legal voters of each city, town and plantation shall vote by ballot on this question 31 and designate their choice by a cross or check mark placed within a corresponding square 32 below the word "Yes" or "No." The ballots must be received, sorted, counted and 33 declared in open ward, town and plantation meetings and returns made to the Secretary of 34 State in the same manner as votes for members of the Legislature. The Governor shall 35 review the returns. If a majority of the legal votes are cast in favor of this Part, the 36 Governor shall proclaim the result without delay and this Part becomes effective 30 days 37 after the date of the proclamation.
38 The Secretary of State shall prepare and furnish to each city, town and plantation all 39 ballots, returns and copies of this Part necessary to carry out the purposes of this 40 referendum.
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