Bill Summary – FastDemocracy

130th MAINE LEGISLATURE
                   FIRST REGULAR SESSION-2021
Legislative Document                                                                        No. 517
H.P. 380                                                 House of Representatives, February 19, 2021
           An Act To Authorize a General Fund Bond Issue To Promote the
           Construction of Energy-efficient Affordable Homes and the
           Adaptive Reuse, Repair and Weatherization of Existing Homes for
           Low-income Seniors
    Received by the Clerk of the House on February 17, 2021. Referred to the Committee on
Appropriations and Financial Affairs pursuant to Joint Rule 308.2 and ordered printed pursuant
to Joint Rule 401.
                                                                                ROBERT B. HUNT
                                                                                           Clerk
Presented by Representative BABBIDGE of Kennebunk.
Cosponsored by Representatives: FAY of Raymond, MORALES of South Portland, OSHER of
Orono, STEARNS of Guilford, WHITE of Waterville, Senator: RAFFERTY of York.
                                        Printed on recycled paper
     Preamble. Two thirds of both Houses of the Legislature deeming it necessary in
 accordance with the Constitution of Maine, Article IX, Section 14 to authorize the issuance
 of bonds on behalf of the State of Maine to provide funds as described in this Act,
 Be it enacted by the People of the State of Maine as follows:
     Sec. 1. Authorization of bonds. The Treasurer of State is authorized, under the
 direction of the Governor, to issue bonds in the name and on behalf of the State in an
 amount not exceeding $30,000,000 for the purposes described in section 5 of this Act. The
 bonds are a pledge of the full faith and credit of the State. The bonds may not run for a
 period longer than 10 years from the date of the original issue of the bonds.
     Sec. 2. Records of bonds issued; Treasurer of State. The Treasurer of State
 shall ensure that an account of each bond is kept showing the number of the bond, the name
 of the successful bidder to whom sold, the amount received for the bond, the date of sale
 and the date when payable.
     Sec. 3. Sale; how negotiated; proceeds appropriated. The Treasurer of State
 may negotiate the sale of the bonds by direction of the Governor, but no bond may be
 loaned, pledged or hypothecated on behalf of the State. The proceeds of the sale of the
 bonds, which must be held by the Treasurer of State and paid by the Treasurer of State
 upon warrants drawn by the State Controller, are appropriated solely for the purposes set
 forth in this Act. Any unencumbered balances remaining at the completion of the project
 in this Act lapse to the Office of the Treasurer of State to be used for the retirement of
 general obligation bonds.
     Sec. 4. Interest and debt retirement. The Treasurer of State shall pay interest
 due or accruing on any bonds issued under this Act and all sums coming due for payment
 of bonds at maturity.
      Sec. 5. Disbursement of bond proceeds from General Fund bond issue. The
 proceeds of the sale of the bonds authorized under this Act must be expended as designated
 in the following schedule under the direction and supervision of the agencies and entities
 set forth in this section.
 MAINE STATE HOUSING
 AUTHORITY
   Provides funds for low-income households headed by a person 55 years of age or older
   for the construction of new energy-efficient affordable homes and the adaptive reuse of
   structures or homes. Preference must be given to homes in locations that have access to
   health care services and other essential goods and services. At least 4 homes must be
   located in counties having populations under 100,000.
 Total                                                                           $25,000,000
37
   Provides funds for home repair and weatherization programs that assist low-income
38
   seniors.
 Total                                                                            $5,000,000
40
      Sec. 6. Contingent upon ratification of bond issue. Sections 1 to 5 do not
41
 become effective unless the people of the State ratify the issuance of the bonds as set forth
42
 in this Act.
                                        Page 1 - 130LR0612(01)
     Sec. 7. Appropriation balances at year-end. At the end of each fiscal year, all
 unencumbered appropriation balances representing state money carry forward. Bond
 proceeds that have not been expended within 10 years after the date of the sale of the bonds
 lapse to the Office of the Treasurer of State to be used for the retirement of general
 obligation bonds.
     Sec. 8. Bonds authorized but not issued. Any bonds authorized but not issued
 within 5 years of ratification of this Act are deauthorized and may not be issued, except
 that the Legislature may, within 2 years after the expiration of that 5-year period, extend
 the period for issuing any remaining unissued bonds for an additional amount of time not
 to exceed 5 years.
    Sec. 9. Referendum for ratification; submission at election; form of
 question; effective date. This Act must be submitted to the legal voters of the State at
 a statewide election held in the month of November following passage of this Act. The
 municipal officers of this State shall notify the inhabitants of their respective cities, towns
 and plantations to meet, in the manner prescribed by law for holding a statewide election,
 to vote on the acceptance or rejection of this Act by voting on the following question:
         "Do you favor a $30,000,000 bond issue for the construction of new
         energy-efficient affordable homes for low-income seniors, the adaptive
         reuse of structures for homes for low-income seniors and the repair and
         weatherization of existing homes for low-income seniors?"
     The legal voters of each city, town and plantation shall vote by ballot on this question
 and designate their choice by a cross or check mark placed within a corresponding square
 below the word "Yes" or "No." The ballots must be received, sorted, counted and declared
 in open ward, town and plantation meetings and returns made to the Secretary of State in
 the same manner as votes for members of the Legislature. The Governor shall review the
 returns. If a majority of the legal votes are cast in favor of this Act, the Governor shall
 proclaim the result without delay and this Act becomes effective 30 days after the date of
 the proclamation.
     The Secretary of State shall prepare and furnish to each city, town and plantation all
 ballots, returns and copies of this Act necessary to carry out the purposes of this
 referendum.
                                        SUMMARY
     The funds provided by this bond issue, in the amount of $30,000,000, will be used for
 low-income households headed by a person 55 years of age or older for the construction of
 new energy-efficient affordable homes, the adaptive reuse of structures or homes, home
 repair and weatherization programs.
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