LD 762

132nd MAINE LEGISLATURE
  FIRST REGULAR SESSION-2025
Legislative Document  No. 762
S.P. 321  In Senate, February 25, 2025
  An Act to Authorize a General Fund Bond Issue for the
  Maintenance, Preservation and Promotion of State Historic Sites
    Reference to the Committee on Appropriations and Financial Affairs suggested and ordered
printed.
  DAREK M. GRANT
  Secretary of the Senate
Presented by Senator GROHOSKI of Hancock.
Cosponsored by Representative MILLIKEN of Blue Hill and
Senators: CURRY of Waldo, GUERIN of Penobscot, HICKMAN of Kennebec, LAWRENCE
of York, MOORE of Washington, Representatives: CRAFTS of Newcastle, MATHIESON of
Kittery, MATLACK of St. George.
  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 $18,000,000 for the purposes described in section 5 of this Act. The
8 bonds are a pledge of the full faith and credit of the State. The bonds may not run for a
9 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 DEPARTMENT OF AGRICULTURE, CONSERVATION AND FORESTRY
30 Bureau of Parks and Lands
31   Provides funds for capital costs associated with the ongoing maintenance, preservation
32   and promotion of state historic sites.
33 Total  $18,000,000
34
33     Sec. 6. Contingent upon ratification of bond issue. Sections 1 to 5 do not
35
34 become effective unless the people of the State ratify the issuance of the bonds as set forth
36
35 in this Act.
37     Sec. 7. Appropriation balances at year-end. At the end of each fiscal year, all
38 unencumbered appropriation balances representing state money carry forward. Bond
39 proceeds that have not been expended within 10 years after the date of the sale of the bonds
40 lapse to the Office of the Treasurer of State to be used for the retirement of general
41 obligation bonds.
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1     Sec. 8. Bonds authorized but not issued. Any bonds authorized but not issued
2 within 5 years of ratification of this Act are deauthorized and may not be issued, except
3 that the Legislature may, within 2 years after the expiration of that 5-year period, extend
4 the period for issuing any remaining unissued bonds for an additional amount of time not
5 to exceed 5 years.
6    Sec. 9. Referendum for ratification; submission at election; form of
7 question; effective date. This Act must be submitted to the legal voters of the State at
8 a statewide election held in the month of November following passage of this Act. The
9 municipal officers of this State shall notify the inhabitants of their respective cities, towns
10 and plantations to meet, in the manner prescribed by law for holding a statewide election,
11 to vote on the acceptance or rejection of this Act by voting on the following question:
12"Do you favor an $18,000,000 bond issue to fund the capital costs
13associated with the ongoing maintenance, preservation and promotion of
14state historic sites?"
15     The legal voters of each city, town and plantation shall vote by ballot on this question
16 and designate their choice by a cross or check mark placed within a corresponding square
17 below the word "Yes" or "No." The ballots must be received, sorted, counted and declared
18 in open ward, town and plantation meetings and returns made to the Secretary of State in
19 the same manner as votes for members of the Legislature. The Governor shall review the
20 returns. If a majority of the legal votes are cast in favor of this Act, the Governor shall
21 proclaim the result without delay and this Act becomes effective 30 days after the date of
22 the proclamation.
23     The Secretary of State shall prepare and furnish to each city, town and plantation all
24 ballots, returns and copies of this Act necessary to carry out the purposes of this
25 referendum.
26SUMMARY
27      The funds provided by this bond issue, in the amount of $18,000,000, will be used to
28 fund the capital costs associated with the ongoing maintenance, preservation and promotion
29 of state historic sites.
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