An Act to Authorize a General Fund Bond Issue in the Amount of $10,000,000 to Promote Affordable Housing
Maine Legislature, Session 121, LD 0039
Committee: Business and Economic Development
Sponsors: BRENNAN, BROMLEY, MAYO, STRIMLING, BRANNIGAN, CUMMINGS, DUDLEY, MARLEY, NORBERT

Legislative Document 
No. 39 
S.P.25 
In Senate, January 16,2003 
An Act to Authorize a General Fund Bond Issue in the Amount of 
$10,000,000 to Promote Affordable Housing 
Reference to the Committee on Business and Economic Development suggested and 
ordered printed. 
Presented by Senator BRENNAN of Cumberland. 
JOY J. O'BRIEN 
Secretary of the Senate 
Cosponsored by Senators: BROMLEY of Cumberland, MAYO of Sagadahoc, STRIMLING of 
Cumberland, Representatives: BRANNIGAN of Portland, CUMMINGS of Portland, 
DUDLEY of Portland, MARLEY of Portland, NORBERT of Portland. 
PrmteJ 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 
$10,000,000 to raise funds for the Maine State Housing Authority 
to address the affordable housing CrlS1S across the State by 
renovating or 
replacing 
affordable 
apartments 
and 
homes, 
by 
providing housing for people who are homeless, by reducing the 
costs of acquiring land for the development of new affordable 
housing, by providing predevelopment costs to nonprofit housing 
organizations and providing housing for mental health services 
consumers 
with 
attention 
to 
the 
affected 
populations 
as 
authorized by section 6. 
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. 
At the discretion of the Treasurer of State, with 
the approval of the Governor, any issuance of bonds may contain a 
call feature. 
Sec. 2. Records of bonds issued to be kept by Treasurer of State. 
The Treasurer of State shall keep an account of each bond 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. 
Treasurer 
3. 
of 
Sale; 
how 
State may 
negotiated; 
negotiate 
proceeds 
the 
sale 
appropriated. 
of 
the 
bonds 
The 
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 section 6 lapse to the debt service account 
established for the retirement of these 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. 
The proceeds of the 
bonds 
must 
be 
expended 
as 
set out 
in section 
under 
the 
direction and supervision of the Maine State Housing Authority. 
Sec. 6. Allocations from General Fund bond issue. 
The proceeds 
of the sale of the bonds must be expended as designated in the 
following schedule. 
MAINE STATE HOUSING AUTHORITY 
To address the affordable housing crisis 
across the State by renovating or replacing 
affordable 
apartments 
and 
homes, 
by 
providing housing 
for 
people 
who 
are 
homeless, by reducing the costs of acquiring 
land for the development of new affordable 
housing, by providing predevelopment costs 
to 
nonprofit housing organizations 
and 
providing housing for mental health services 
consumers. 
Sec. 7. Contingent upon ratification of bond issue. 
do not become effective unless the people of 
ratified the issuance of the bonds as set forth in 
$10,000,000 
Sections 1 to 
the State have 
this Act. 
Sec. 8. 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 General Fund debt service. 
Sec. 9. Bonds authorized but not issued. 
Any bonds authorized 
but not issued, or for which bond anticipation notes are not 
issued 
within 
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 or 
bond anticipation notes for an additional amount of time not to 
exceed 5 years. 
Sec. 10. 
Referendum for ratification; submission at statewide 
election; form of question; effective date. 
This Act must be submitted 
to the legal voters of the State of Maine at a statewide election 
held 
on 
the 
Tuesday 
following 
the first 
Monday 
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 
$10,000,000 
bond 
issue to 
address 
the 
affordable housing crisis in Maine?" 
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 wi thin 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 and, 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 
city, town and plantation all ballots, returns and copies 
Act necessary to carry out the purpose of this referendum. 
SUMMARY 
to each 
of this 
The funds provided by this bond issue, in the amount of 
$10,000,000, will be used for the Maine State Housing Authority 
to address the affordable housing crisis across the State by 
renovating 
or 
replacing 
affordable 
apartments 
and 
homes, 
by 
providing housing for people who are homeless, by reducing the 
costs of acquiring land for the development of new affordable 
housing, by providing predevelopment costs to nonprofit housing 
organizations and providing housing for mental health services 
consumers.