An Act To Authorize a General Fund Bond Issue in the Amount of $1,000,000 To Fund Downtown Revitaiization To Preserve the Heritage of Municipalities
Maine Legislature, Session 121, LD 1707
Committee: Appropriations and Financial Affairs
Sponsors: GAGNON, COWGER, HALL, MAYO, SHOREY, STANLEY, DUDLEY, KOFFMAN, PINGREE

Legislative Document 
No. 1707 
S.P.639 
In Senate, December 17, 2003 
An Act To Authorize a General Fund Bond Issue in the Amount of 
$1,000,000 To Fund Downtown Revitaiization To Preserve the 
Heritage of Municipalities 
Approved for introduction by a majority of the Legislative Council pursuant to Joint Rule 
203. 
Received by the Secretary of the Senate on December 16, 2003. Referred to the Committee 
on Appropriations and Financial Affairs pursuant to Joint Rule 308.2 and ordered printed 
pursuant to Joint Rule 401. 
Presented by Senator GAGNON of Kennebec. 
Cosponsored by Representative COWGER of Hallowell and 
JOY J. O'BRIEN 
Secretary of the Senate 
Senators: HALL of Lincoln, MAYO of Sagadahoc, SHOREY of Washington, STANLEY of 
Penobscot, Representatives: DUDLEY of Portland, KOFFMAN of Bar Harbor, PINGREE of 
North Haven. 
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 
$1,000,000 for the purposes described in section 6 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. 
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 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. 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 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 this Act under the direction 
and 
supervision of the 
Department of 
Economic 
and 
Community 
Development. 
Sec. 6. Allocations from General Fund bond issue. 
of the sale of the bonds authorized under this 
expended as designated in the following schedule. 
Page l-LR2339(1) 
The proceeds 
Act must be 
• 
Economic and Community Development, 
Department of 
To fund downtown revitalization in order 
$1,000,000 
to preserve the heritage of municipalities. 
Sec. 7. Contingent upon ratification of bond issue. 
Sections 1 to 
do not become effective unless the people of the State ratify 
the issuance of the bonds as set forth in 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, wi thin 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 addi tional amount of time not to 
exceed 5 years. 
Sec. 10. Referendum for ratification; submission at general election: 
form of question; effective date. 
This Act must be submitted to the 
legal voters of the State at the next general election in the 
month of November following passage of this Act. 
The municipal 
officers of this State shall notify the inhabitants of their 
respecti ve cities, towns and plantations to meet, in the manner 
prescribed by law for holding a general election, to vote on the 
acceptance or rejection of this Act by voting on the following 
question: 
"Do 
you 
favor 
a 
$1,000,000 
bond issue to 
fund 
downtown 
revitalization to preserve the heritage of municipalities?" 
The legal voters of each ci ty, 
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 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 
$1,000,000, will be used for downtown revitalization to preserve 
the heritage of municipalities.