An Act To Authorize a General Fund Bond Issue To Support the Growth of and To Build Infrastructure for the Marine and Biotechnology Sectors of the State's Economy
Maine Legislature, Session 126, LD 1756
Committee Amendment CA_A_H850 (House)

COMMITTEE AMENDMENT ./+" to H.P. 1260, L.D. 1756, Bill, "An Act To 
Authorize a General Fund Bond Issue To Support the Growth of and To Build 
Infrastructure for the Marine and Biotechnology Sectors of the State's Economy" 
Amend the bill by striking out the title and substituting the following: 
'An Act To Authorize a General Fund Bond Issue To Support Biomedical Research 
in Maine' 
Amend the bill by striking out everything after the enacting clause 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 $10,000,000 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 10 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. 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT .. A 
"to H.P. 1260, L.D. 1756 
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 
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 be awarded through a competitive process and to be matched by 
$11,000,000 in private and other funds, to expand the State's research capabilities in 
the areas of mammalian genetics and murine biometric analytics, make the State a 
global resource for precision medicine, improve the State's capacity to attract and 
retain young professionals and bring additional grant funding, private sector 
investment, job growth and economic activity to the State. 
Total 
$10,000,000 
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 carry 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 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. 9. 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, to the joint standing committee of the Legislature having jurisdiction over 
appropriations and financial affairs and the joint standing committee of the Legislature 
having jurisdiction over research and economic development matters. 
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 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: 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT./1" to H.P. 1260, L.D. 1756 
"Do you favor a $10,000,000 bond issue, to be awarded through a 
competitive process and to be matched by $11,000,000 in private and 
other funds, to build a research center and to discover genetic solutions 
for cancer and the diseases of aging, to promote job growth and private 
sector investment in this State, to attract and retain young professionals 
and make the State a global leader in genomic medicine?" 
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 
This amendment replaces the bill. It authorizes the issuance of bonds in the amount 
of $10,000,000, to be awarded through a competitive process and to be matched by 
$11,000,000 in private and other funds, to expand the State's research capabilities in the 
areas of mammalian genetics and murine biometric analytics, make the State a global 
resource for precision medicine, improve the State's capacity to attract and retain young 
professionals and bring additional grant funding, private sector investment, job growth 
and economic activity to the State. 
COMMITTEE AMENDMENT 
Approved: 04/17114 
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LD 1756 
LR 2564(02) 
An Act To Authorize a General Fund Bond Issue To Support the Growth of and To Build 
Infrastructure for the Marine and Biotechnology Sectors of the State's Economy 
\\ 
Fiscal Note for Bill as Amended by Committee Amendment h,(j-/ -050) 
Committee: Appropriations and Financial Affairs 
Fiscal Note Required: Yes 
Fiscal Note 
Current biennium cost increase - General Fund 
Bond Issues 
Term (years) 
Principal 
Rate (0/0) 
Interest 
Total Cost 
General Fund - Taxable 
$10,000,000 
4.5% 
$2,475,000 
$12,475,000 
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. 
LR2564(02) - Fiscal Note - Page 1 of 1