An Act To Authorize a General Fund Bond Issue To Revitalize Communities and Expand Maine's Innovative Economy through the New Century Program
Maine Legislature, Session 123, LD 0440
Committee: Appropriations and Financial Affairs
Sponsors: EDMONDS, CUMMINGS, BARTLETT, MITCHELL, TURNER, ADAMS, PERCY, PINGREE, RECTOR, WEBSTER

Legislative Document 
No. 440 
S.P. 141 
January 29, 2007 
An Act To Authorize a General Fund Bond Issue To Revitalize 
Communities and Expand Maine's Innovative Economy through the 
New Century Program 
Reference to the Committee on Appropriations and Financial Affairs suggested and ordered 
printed. 
Presented by President EDMONDS of Cumberland. 
Cosponsored by Speaker CUMMINGS of Portland and 
JOY J. O'BRIEN 
Secretary of the Senate 
Senators: BARTLETT of Cumberland, MITCHELL of Kennebec, TURNER of Cumberland, 
Representatives: ADAMS of Portland, PERCY of Phippsburg, PINGREE of North Haven, 
RECTOR of Thomaston, WEBSTER of Freeport. 
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 $5,000,000 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 Maine State 
Cultural Affairs Council. 
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. 
MAINE STATE CULTURAL 
AFFAIRS COUNCIL 
Provides funds to the New Century 
Community Program to revitalize 
downtown areas, support cultural tourism, 
increase access to digital resources and 
expand the creative economy of the State. 
$5,000,000 
Sec. 7. Contingent upon ratification of bond issue. Sections 1 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 statewide election; 
form of question; effective date. This Act must be submitted to the legal voters of 
the State at a statewide election held in the month 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 $5,000,000 bond issue for the revitalization of 
downtown areas, support of cultural tourism, increased access to digital 
resources and expansion of Maine's creative economy?" 
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 
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 $5,000,000, will be used to 
revitalize downtown areas, support cultural tourism, increase access to digital resources 
and expand Maine's creative economy.