Legislative Document No. 111 H.P. 93 House of Representatives, January 17, 2019
An Act To Authorize a General Fund Bond Issue for Research and Development and Commercialization
Reference to the Committee on Appropriations and Financial Affairs suggested and ordered printed.
ROBERT B. HUNT Clerk
Presented by Representative HUBBELL of Bar Harbor. Cosponsored by President JACKSON of Aroostook and Representatives: Speaker GIDEON of Freeport, STEWART of Presque Isle, Senators: DILL of Penobscot, HERBIG of Waldo, LUCHINI of Hancock, POULIOT of Kennebec.
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 $250,000,000 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 ECONOMIC AND COMMUNITY 31 DEVELOPMENT, DEPARTMENT OF 32 33 Office of Innovation
34 Provides funds over 5 years to the Maine Technology Institute for research and 35 development and commercialization as prioritized by the Maine Innovation Economy 36 Advisory Board's most recent innovation economy action plan and the Office of 37 Innovation's most recent science and technology action plan. The funds must be 38 allocated in support of technological innovation leading to commercialization in the 39 targeted sectors of life sciences and biomedical technology, environmental and 40 renewable energy technology, information technology, advanced technologies for
Page 1 - 129LR0657(01)-1 1 forestry and agriculture, aquaculture and marine technology, composites and 2 advanced materials and precision manufacturing. The funds must be awarded 3 through a competitive process and to Maine-based public and private institutions to 4 leverage matching private and federal funds on at least a one-to-one basis. 5 6 Total $250,000,000
7 Sec. 6. Contingent upon ratification of bond issue. Sections 1 to 5 do not 8 become effective unless the people of the State ratify the issuance of the bonds as set 9 forth in this Act.
10 Sec. 7. Appropriation balances at year-end. At the end of each fiscal year, all 11 unencumbered appropriation balances representing state money carry forward. Bond 12 proceeds that have not been expended within 10 years after the date of the sale of the 13 bonds lapse to the Office of the Treasurer of State to be used for the retirement of general 14 obligation bonds.
15 Sec. 8. Bonds authorized but not issued. Any bonds authorized but not issued 16 within 5 years of ratification of this Act are deauthorized and may not be issued, except 17 that the Legislature may, within 2 years after the expiration of that 5-year period, extend 18 the period for issuing any remaining unissued bonds for an additional amount of time not 19 to exceed 5 years.
20 Sec. 9. Referendum for ratification; submission at election; form of 21 question; effective date. This Act must be submitted to the legal voters of the State at 22 a statewide election held in the month of November following passage of this Act. The 23 municipal officers of this State shall notify the inhabitants of their respective cities, towns 24 and plantations to meet, in the manner prescribed by law for holding a statewide election, 25 to vote on the acceptance or rejection of this Act by voting on the following question: 26 "Do you favor a bond issue of $50,000,000 for each of the next 5 years 27 totaling $250,000,000 to provide funds for research, development and 28 commercialization for Maine-based public and private institutions in 29 support of technological innovation leading to commercialization in the 30 targeted sectors of life sciences and biomedical technology, 31 environmental and renewable energy technology, information 32 technology, advanced technologies for forestry and agriculture, 33 aquaculture and marine technology, composites and advanced materials 34 and precision manufacturing to be awarded through a competitive 35 process that leverages matching private and federal funds on at least a 36 one-to-one basis?" 37 The legal voters of each city, town and plantation shall vote by ballot on this question 38 and designate their choice by a cross or check mark placed within a corresponding square 39 below the word "Yes" or "No." The ballots must be received, sorted, counted and 40 declared in open ward, town and plantation meetings and returns made to the Secretary of 41 State in the same manner as votes for members of the Legislature. The Governor shall
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