An Act To Authorize a General Fund Bond Issue for the Maine Community Reinvestment and Job Creation Fund
Maine Legislature, Session 126, LD 1180
Committee: Appropriations and Financial Affairs
Sponsors: GERZOFSKY, PRIEST, BURNS, GOODALL, JACKSON, JOHNSON, DeCHANT, GIDEON, KENT, SAXTON

Legislative Document 
No. 1180 
S.P. 417 
In Senate, March 26, 2013 
An Act To Authorize a General Fund Bond Issue for the Maine 
Community Reinvestment and Job Creation Fund 
Reference to the Committee on Appropriations and Financial Affairs suggested and ordered 
printed. 
DAREK M. GRANT 
Secretary of the Senate 
Presented by Senator GERZOFSKY of Cumberland. 
Cosponsored by Representative PRIEST of Brunswick and 
Senators: BURNS of Washington, GOODALL of Sagadahoc, JACKSON of Aroostook, 
JOHNSON of Lincoln, Representatives: DeCHANT of Bath, GIDEON of Freeport, KENT of 
Woolwich, SAXTON of Harpswell. 
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: 
PART A 
Sec. A-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 $25,000,000 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. 
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-5.  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. 
Provides funds for the Maine Community Reinvestment and Job Creation Fund to 
benefit Brunswick Landing, formerly the Brunswick Naval Air Station, and to benefit 
the Loring Development Authority of Maine. 
ECONOMIC AND COMMUNITY 
DEVELOPMENT, DEPARTMENT OF 
Office of Community Development 
Total 
$25,000,000
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 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. A-8.  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 question: 
"Do you favor a $25,000,000 bond issue for the Maine Community 
Reinvestment and Job Creation Fund, to benefit Brunswick Landing, 
formerly the Brunswick Naval Air Station, and to benefit the Loring 
Development Authority of Maine?" 
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. 
PART B 
Sec. B-1.  Fund established.  The Maine Community Reinvestment and Job 
Creation Fund is established within the Department of Economic and Community 
Development, Office of Community Development to benefit Brunswick Landing, 
formerly the Brunswick Naval Air Station, and to benefit the Loring Development 
Authority of Maine to assist in reinvestment and job creation. 
Sec. B-2.  Contingent upon ratification of bond issue.  This Part does not 
become effective unless the people of the State ratify the issuance of bonds as set forth in 
Part A of this Act. 
SUMMARY 
The funds provided by this bond issue, in the amount of $25,000,000, will be used to 
establish the Maine Community Reinvestment and Job Creation Fund, to benefit 
Brunswick Landing, formerly the Brunswick Naval Air Station, and to benefit the Loring 
Development Authority of Maine.