LD 483

132nd MAINE LEGISLATURE
  FIRST REGULAR SESSION-2025
Legislative Document  No. 483
H.P. 312  House of Representatives, February 11, 2025
  An Act to Authorize a General Fund Bond Issue to Secure
  Prosperity for Maine Families and Businesses
    Received by the Clerk of the House on February 6, 2025. 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 Speaker FECTEAU of Biddeford.
  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 issuance
3 of bonds on behalf of the State of Maine to provide funds as described in this Act,
4 Be it enacted by the People of the State of Maine as follows:
5     Sec. 1. Authorization of bonds. The Treasurer of State is authorized, under the
6 direction of the Governor, to issue bonds in the name and on behalf of the State in an
7 amount not exceeding $300,000,000 for the purposes described in section 5 of this Act.
8 The bonds are a pledge of the full faith and credit of the State. The bonds may not run for
9 a period longer than 10 years from the date of the original issue of the bonds.
10     Sec. 2. Records of bonds issued; Treasurer of State. The Treasurer of State
11 shall ensure that an account of each bond is kept showing the number of the bond, the name
12 of the successful bidder to whom sold, the amount received for the bond, the date of sale
13 and the date when payable.
14     Sec. 3. Sale; how negotiated; proceeds appropriated. The Treasurer of State
15 may negotiate the sale of the bonds by direction of the Governor, but no bond may be
16 loaned, pledged or hypothecated on behalf of the State. The proceeds of the sale of the
17 bonds, which must be held by the Treasurer of State and paid by the Treasurer of State
18 upon warrants drawn by the State Controller, are appropriated solely for the purposes set
19 forth in this Act. Any unencumbered balances remaining at the completion of the project
20 in this Act lapse to the Office of the Treasurer of State to be used for the retirement of
21 general obligation bonds.
22     Sec. 4. Interest and debt retirement. The Treasurer of State shall pay interest
23 due or accruing on any bonds issued under this Act and all sums coming due for payment
24 of bonds at maturity.
25      Sec. 5. Disbursement of bond proceeds from General Fund bond issue. The
26 proceeds of the sale of the bonds authorized under this Act must be expended as designated
27 in the following schedule under the direction and supervision of the agencies and entities
28 set forth in this section.
29 MAINE STATE HOUSING AUTHORITY
30 Ongoing programs
31   Provides $80,000,000 for the State's tax credit for affordable housing; $25,000,000 for
32   the authority's rural affordable housing rental program; and $20,000,000 for the
33   authority's first-time homebuyer program.
34 Total  $125,000,000
35
34 New programs
36   Provides $100,000,000 to create child care-public school partnerships for children up to
37   4 years of age with a 100% match requirement and allowing school districts to contract
38   with private providers and to create child care-private industry partnerships with a 100%
39   match requirement; and $75,000,000 for expansion of public water and public sewer in
40   areas zoned for residential use with a 50% local match requirement.
41 Total  $175,000,000
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1Sec. 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 forth
3  in this Act.
4     Sec. 7. Appropriation balances at year-end. At the end of each fiscal year, all
5 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 bonds
7 lapse to the Office of the Treasurer of State to be used for the retirement of general
8 obligation bonds.
9     Sec. 8. Bonds authorized but not issued. Any bonds authorized but not issued
10 within 5 years of ratification of this Act are deauthorized and may not be issued, except
11 that the Legislature may, within 2 years after the expiration of that 5-year period, extend
12 the period for issuing any remaining unissued bonds for an additional amount of time not
13 to exceed 5 years.
14    Sec. 9. Referendum for ratification; submission at election; form of
15 question; effective date. This Act 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 Act by voting on the following question:
20"Do you favor a $300,000,000 bond issue to support the State's tax credit
21for affordable housing and the Maine State Housing Authority's rural
22affordable housing rental program and first-time homebuyer program and
23to create child care-public school partnerships for children up to 4 years of
24age and child care-private industry partnerships, both with a 100% match
25requirement, and expand residential public water and public sewer systems
26with a 50% local match requirement?"
27     The legal voters of each city, town and plantation shall vote by ballot on this question
28 and designate their choice by a cross or check mark placed within a corresponding square
29 below the word "Yes" or "No." The ballots must be received, sorted, counted and declared
30 in open ward, town and plantation meetings and returns made to the Secretary of State in
31 the same manner as votes for members of the Legislature. The Governor shall review the
32 returns. If a majority of the legal votes are cast in favor of this Act, the Governor shall
33 proclaim the result without delay and this Act becomes effective 30 days after the date of
34 the proclamation.
35     The Secretary of State shall prepare and furnish to each city, town and plantation all
36 ballots, returns and copies of this Act necessary to carry out the purposes of this
37 referendum.
38SUMMARY
39     The funds provided by this bond issue, in the amount of $300,000,000, will be used to
40 support the State's tax credit for affordable housing and the Maine State Housing
41 Authority's rural affordable housing rental program and first-time homebuyer program,
42 create child care-public school partnerships for children up to 4 years of age and child care-
43 private industry partnerships and expand residential public water and public sewer systems.
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