An Act To Authorize a General Fund Bond Issue To Support the Independence of Maine's Seniors
Maine Legislature, Session 128, LD 0735
Committee: Appropriations and Financial Affairs
Sponsors: VOLK, HERBIG, LIBBY, DENNO, GIDEON, GROHMAN, TUELL, VACHON

Legislative Document
No. 735
S.P. 245
In Senate, February 28, 2017
An Act To Authorize a General Fund Bond Issue To Support the 
Independence of Maine's Seniors
Reference to the Committee on Appropriations and Financial Affairs suggested and ordered 
printed.
HEATHER J.R. PRIEST
Secretary of the Senate
Presented by Senator VOLK of Cumberland.
Cosponsored by Representative HERBIG of Belfast and
Senator: LIBBY of Androscoggin, Representatives: DENNO of Cumberland, Speaker 
GIDEON of Freeport, GROHMAN of Biddeford, TUELL of East Machias, VACHON of 
Scarborough.
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 $50,000,000 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. 
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. 
Provides funds to be used to leverage an estimated $75,000,000 in private and other 
funds for the construction of new energy-efficient affordable multifamily housing for 
low-income households headed by a person 55 years of age or older and the adaptive 
reuse of existing structures for multifamily housing for low-income households 
headed by a person 55 years of age or older.  Preference must be given to housing in 
locations that have access to health care services and other essential goods and 
services.  Funds must also provide a vehicle for a local transportation provider 
serving each facility to meet the needs of facility residents and their neighbors.  At 
least one housing facility must be located in each county. 
MAINE STATE HOUSING 
AUTHORITY 
Provides funds to be used to match private and other funds for the rehabilitation of 
existing affordable senior housing facilities. 
Provides funds to be used to match private and other funds for home repair and 
weatherization programs that assist low-income seniors. 
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.  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 $50,000,000 bond issue to support energy-efficient 
housing for low-income seniors through the construction of new 
multifamily housing, the adaptive reuse of existing structures for 
multifamily housing, the rehabilitation of affordable senior housing and 
the repair and weatherization of existing homes, which will create jobs 
and will be matched by an estimated $75,000,000 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 
Total 
$40,000,000
Total 
$5,000,000
Total 
$5,000,000
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 $50,000,000, will be used to 
assist in the provision of energy-efficient affordable multifamily housing to low-income 
Maine seniors.  Forty million dollars of the bond proceeds will be used to construct new 
multifamily housing for seniors and to adaptively reuse existing structures to provide 
multifamily housing for seniors.  At least one housing facility will be located in each of 
Maine's 16 counties.  Preference will be given to housing locations that have access to 
health care services and other essential goods and services.  Five million dollars will be 
used to rehabilitate existing affordable senior housing facilities.  Five million dollars will 
provide for home repair and weatherization of the existing homes of low-income seniors.  
The bond proceeds will leverage an estimated $75,000,000 in private and other funds.