An Act To Authorize a General Fund Bond Issue To Provide Funds To Develop Lobster Processing Capacity in the State
Maine Legislature, Session 126, LD 1709
Committee Amendment CA_A_S556 (Senate)

COMMITTEE AMENDMENT" A " to S.P. 675, L.D. 1709, Bill, "An Act To 
Authorize a General Fund Bond Issue To Provide Funds To Develop Lobster Processing 
Capacity in the State" 
Amend the bill by striking out the title and substituting the following: 
'An Act To Authorize a General Fund Bond Issue To Support the Growth of and To 
Build Infrastructure for the Marine Sector of the State's Economy' 
Amend the bill by striking out everything after the enacting clause and before the 
summary and inserting the following: 
'PART A 
Sec. A-I. 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 $7,000,000 for the purposes described in section 5 of this Part. 
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. 
Sec. A-2. Records of bonds issued; Treasurer of State. The Treasurer of 
State shall ensure that an account of each bond is kept 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. A-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 Part. Any unencumbered balances remaining at the completion of the project 
in this Part lapse to the Office of the Treasurer of State to be used for the retirement of 
general obligation bonds. 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT" A.," to S.P. 675, L.D. 1709 
Sec. A-4. Interest and debt retirement. 
The Treasurer of State shall pay 
interest due or accruing on any bonds issued under this Part and all sums coming due for 
payment of bonds at maturity. 
Sec. A-S. Disbursement of bond proceeds from General Fund bond issue. 
The proceeds of the sale of the bonds authorized under this Part must be expended as 
designated in the following schedule under the direction and supervision of the agencies 
and entities set forth in this section. 
ECONOMIC AND COMMUNITY 
DEVELOPMENT, DEPARTMENT OF 
Maine Technology Institute 
Provides funds to facilitate the growth of marine businesses and commercial 
enterprises that create jobs and improve the sustainability of the State's marine 
economy and related industries through capital investments, awarded after a 
competitive process administered by the Department of Economic and Community 
Development in consultation with the Department of Marine Resources and the 
Maine Technology Institute, to be matched by at least $7,000,000 in private and other 
funds. 
Total 
$7,000,000 
Sec. A-6. Contingent upon ratification of bond issue. Sections 1 to 5 do not 
become effective unless the people of the State ratify the issuance of the bonds as set 
forth in this Part. 
Sec. A-7. 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 1 ° 
years after the date of the sale of the 
bonds lapse to the Office of the Treasurer of State to be used for the retirement of general 
obligation bonds. 
Sec. A-S. Bonds authorized but not issued. Any bonds authorized but not 
issued within 5 years of ratification of this Part 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 for an additional amount of 
time not to exceed 5 years.' 
Sec. A-9. Referendum for ratification; submission at election; form of 
question; effective date. This Part 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 Part by voting on the following qu~stion: 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT "A "to S.P. 675, L.D. 1709 
"Do you favor a $7,000,000 bond issue to facilitate the growth of marine 
businesses and commercial enterprises that create jobs and improve the 
sustainability of the . State's marine economy and related industries 
through capital investments, to be matched by at least $7,000,000 in 
private and other funds?" 
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 Part, the 
Governor shall proclaim the result without delay and this Part 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 Part necessary to carry out the purposes of this 
referendum. 
PARTB 
Sec. B-l. 
Determination of awards. 
The Department of Economic and 
Community Development, in consultation with the Department of Marine Resources and 
the Maine Technology Institute, shall oversee the disbursement of bond proceeds and 
matching funds authorized pursuant to Part A in accordance with this section. Awards of 
bond proceeds and matching funds must be made on a competitive basis following a 
request for proposal process for a single award of $7,000,000. 
1. A successful applicant must include the following entities: 
A. A marine-based research program at a private or public university or a nonprofit 
research institution; 
B. Commercial fishing or aquaculture interests; 
C. Community-based organizations committed to the growth of the local economy; 
and 
D. Private sector businesses. 
2. A successful application must also include proposals for growth in each of the 
following areas: 
A. Traditional commercial flshing interests; 
B. Aquaculture industry; 
C. Value-added seafood processing; and 
D. Market development for Maine-based products. 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT "A "to S.P. 675, L.D. 1709 
PARTC 
Sec. C-l. Report. The Department of Economic and Community Development 
shall report by January 15th annually, until the bond proceeds authorized by this Act have 
been fully expended, on the use of the bond proceeds to the joint standing committees of 
the Legislature having jurisdiction over appropriations and financial affairs and research 
and economic development matters. 
Sec. C-2. Contingent effective date. Part B and this Part take effect only if the 
General Fund·bond issue proposed in Part A is approved by the voters of the State.' 
S~RY 
This amendment replaces the bill and authorizes the issuance of bonds in the amount 
of $7,000,000, to be matched by at least $7,000,000 in private and other funds, to support 
Maine's marine economy in order to create jobs in the State's marine economy and related 
industries through capital investments awarded after a competitive process. 
FISCAL NOTE REQmRED 
(See attached) 
COMMITTEE AMENDMENT 
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Approved: 04117/ I 4 frac 
LD 1709 
LR 2347(02) 
An Act To Authorize a General Fund Bond Issue To Provide Funds To Develop Lobster Processing 
Capacity in the State 
Bond Issues 
Fiscal Note for Bill as Amended by Committee Amendment '~' (S -S5{t1) 
Committee: Appropriations and Financial Affairs 
Fiscal Note Required: Yes 
Fiscal Note 
Current biennium cost increase - General Fund 
General Fund - Taxable 
Term (years) 
Principal 
$7,000,000 
Rate (%) 
4.5% 
Interest 
$1,732,500 
Total Cost 
$8,732,500 
Referendum Costs 
Month/Year 
Election Type 
Question 
Length 
Nov-14 
General 
Bond Issue 
Standard 
The Secretary of State's budget includes sufficient funds to accommodate one ballot of average length for the general 
election in November. If the number or size of the referendum questions requires production and delivery ofa second 
ballot, an additional appropriation of$107,250 may be required. 
LR2347(02) - Fiscal Note - Page I of I