An Act To ° Authorize a General Fund Bond Issue To Support Maine Small Business and Job Creation
Maine Legislature, Session 126, LD 1827
Committee Amendment CA_A_S555 (Senate)

COMMITTEE AMENDMENT" A " to S.P. 732, L.D. 1827, Bill, "An Act To 
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Authorize a General Fund Bond Issue To Support Maine Small Business and Job 
Creation" 
Amend the bill by striking out everything after the enacting clause and before the 
summary and inserting the following: 
'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 $12,000,000 for the purposes described in section 5 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 1 ° 
years from the date of the original issue of the bonds. 
Sec. 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. 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 Office of the Treasurer of State to be used for the retirement of 
general obligation 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 from General Fund bond issue. 
The proceeds of the sale of the bonds authorized under this Act must be expended as 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT "A" to S.P. 732, L.D. 1827 
designated in the following schedule under the direction and supervision of the agencies 
and entities set forth in this section. 
FINANCE AUTHORITY OF MAINE 
Provides funds to insure portions of loans to small businesses made by a participating 
financial institution in order to spur investment and innovation. 
Total 
$4,000,000 
Provides funds for state, regional and local financial intennediaries to make flexible 
loans to small businesses to create jobs, revitalize downtowns and strengthen the rural 
economy. 
Total 
$8,000,000 
Sec. 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 Act. 
Sec. 7. Appropriation balances at year-end. At the end of each fiscal year, all 
unencumbered appropriation balances representing state money cany forward. 
Bond 
proceeds that have not been expended within 10 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. 8. Bonds authorized but not issued. Any bonds authorized but not issued 
within 5 years of ratification of this Act are deauthorized and may not be issued, except 
that the Le!pslature 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. 9. 
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 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 bond issue to provide $4,000,000 in funds to insure 
portions of loans to small businesses to spur investment and innovation 
and to provide $8,000,000 in funds to make flexible loans to small 
businesses to create jobs, revitalize downtowns and strengthen the rural 
economy?" 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT" A" to S.P. 732, L.D. 1827 
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. I 
SUMMARY 
This amendment strikes and replaces the bill and provides for a bond issue to be used 
to provide funds to the Finance Authority of Maine to provide $4,000,000 to insure 
portions of loans to small businesses made by a participating financial institution to spur 
investment and innovation and to provide $8,000,000 for state, regional and local 
financial intennediaries to make flexible loans to small businesses to create jobs, 
revitalize downtowns and strengthen the rural economy. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
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Approved: 04117 114 
~ac:.. 
LD 1827 
LR 2837(02) 
An Act To Authorize a General Fund Bond Issue To Support Maine Small Business and Job Creation 
Fiscal Note for Bill as Amended by Committee Amendment '!,A" ( $-555) 
Committee: Appropriations and Financial Affairs 
. 
Bond Issues 
General Fund - Taxable 
Fiscal Note Required: Yes 
Fiscal Note 
Current biennium cost increase - General Fund 
Term (years) 
Principal 
$12,000,000 
Rate (%) 
4.5% 
Interest 
$2,970,000 
Referendum Costs 
MonthlY ear 
Election Type 
Question 
Length 
Nov-14 
General 
Bond Issue 
Standard 
Total Cost 
$14,970,000 
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 of a second 
ballot, an additional appropriation of $107,250 may be required. 
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T .R?Ri 7(02) - Fiscal Note - Pape 1 of 1 
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