An Act To Authorize a General Fund Bond Issue for the Maine Biomedical Research Fund to Create Jobs and Strengthen Maine's Economy
Maine Legislature, Session 123, LD 0806
Committee: Appropriations and Financial Affairs
Sponsors: TARDY, DAMON, CROSTHWAITE, CUMMINGS, FISCHER, ROSEN, TURNER

Legislative Document 
No. 806 
H.P.606 
House of Representatives, February 16,2007 
An Act To Authorize a General Fund Bond Issue for the Maine 
Biomedical Research Fund to Create Jobs and Strengthen Maine's 
Economy 
Received by the Clerk of the House on February 15,2007. 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 Representative TARDY of Newport. 
Cosponsored by Senator DAMON of Hancock and 
Ir/~ 
/J7.7T/ac~ 
MILLICENT M. MacFARLAND 
Clerk 
Representatives: CROSTHWAITE of Ellsworth, Speaker CUMMINGS of Portland, FISCHER 
of Presque Isle, Senators: ROSEN of Hancock, TURNER of Cumberland. 
Printed on recycled paper 
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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 $75,000,000 for the purposes described in section 6 of this Act. 
No more than $15,000,000 may be issued in the first year and no more than $15,000,000 
may be issued in each of the 4 subsequent years, except that any unused balance may be 
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added to the specified amount in any subsequent years. 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. The proceeds of the sale 
of the bonds authorized under this Act must be expended as designated in the following 
schedule. 
DEP ARTMENT OF ECONOMIC 
AND COMMUNITY 
DEVELOPMENT 
Page I - 123LR2357(OI)-1 
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Provides funds for the Maine Biomedical 
Research Fund to stimulate economic 
growth and job creation through 
investments to support capital 
infrastructure and equipment in 
anticipation of approximately 
$150,000,000 in federal and private 
funds. Eligible institutions are those 
delineated in the Maine Revised Statutes, 
Title 5, section 13103 for medical 
research and development. 
$75,000,000 
Sec. 7. Contingent upon ratification of bond issue. Sections I to 6 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 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 or bond anticipation notes for an additional amount of time not 
to exceed 5 years. 
Sec. 10. 
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 special statewide election held on the Tuesday following the first Monday of June 
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 $75,000,000 bond issue to stimulate economic growth 
and job creation through investments to support capital infrastructure and 
equipment in anticipation of approximately $150,000,000 in federal and 
private funds for medical research and development?" 
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 
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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 $75,000,000 to stimulate 
economic growth and job creation through investments to support capital infrastructure 
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and equipment for medical research and development, will be used to provide funds for 
the Maine Biomedical Research Fund. The bonds will be issued in 5 increments of 
$15,000,000 each during the next 5 years in anticipation of approximately $150,000,000 
in federal and private funds.