An Act To Authorize a General Fund Bond Issue for Research and Development and Commercialization
Maine Legislature, Session 129, LD 0111
Committee: Appropriations and Financial Affairs
Sponsors: HUBBELL, JACKSON, GIDEON, STEWART, DILL, HERBIG, LUCHINI, POULIOT

Legislative Document
No. 111
H.P. 93
House of Representatives, January 17, 2019
An Act To Authorize a General Fund Bond Issue for Research and 
Development and Commercialization
Reference to the Committee on Appropriations and Financial Affairs suggested and ordered 
printed.
ROBERT B. HUNT
Clerk
Presented by Representative HUBBELL of Bar Harbor.
Cosponsored by President JACKSON of Aroostook and
Representatives: Speaker GIDEON of Freeport, STEWART of Presque Isle, Senators: DILL of 
Penobscot, HERBIG of Waldo, LUCHINI of Hancock, POULIOT of Kennebec.
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 $250,000,000 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 over 5 years to the Maine Technology Institute for research and 
development and commercialization as prioritized by the Maine Innovation Economy 
Advisory Board's most recent innovation economy action plan and the Office of 
Innovation's most recent science and technology action plan.  The funds must be 
allocated in support of technological innovation leading to commercialization in the 
targeted sectors of life sciences and biomedical technology, environmental and 
renewable energy technology, information technology, advanced technologies for 
ECONOMIC AND COMMUNITY 
DEVELOPMENT, DEPARTMENT OF
Office of Innovation
forestry and agriculture, aquaculture and marine technology, composites and 
advanced materials and precision manufacturing.  The funds must be awarded 
through a competitive process and to Maine-based public and private institutions to 
leverage matching private and federal funds on at least a one-to-one basis.
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 bond issue of $50,000,000 for each of the next 5 years 
totaling $250,000,000 to provide funds for research, development and 
commercialization for Maine-based public and private institutions in 
support of technological innovation leading to commercialization in the 
targeted 
sectors 
of 
life 
sciences 
and 
biomedical 
technology, 
environmental 
and 
renewable 
energy 
technology, 
information 
technology, advanced technologies for forestry and agriculture, 
aquaculture and marine technology, composites and advanced materials 
and precision manufacturing to be awarded through a competitive 
process that leverages matching private and federal funds on at least a 
one-to-one basis?"
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 
Total
$250,000,000
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 $250,000,000 issued in 
$50,000,000 increments over a 5-year period, will be used to provide funds for research 
and development and commercialization as prioritized by the Maine Innovation Economy 
Advisory Board's most recent innovation economy action plan and the Office of 
Innovation's most recent science and technology action plan.  The funds must be allocated 
in support of technological innovation leading to commercialization in the targeted 
sectors of life sciences and biomedical technology, environmental and renewable energy 
technology, information technology, advanced technologies for forestry and agriculture, 
aquaculture and marine technology, composites and advanced materials and precision 
manufacturing.  The funds must be awarded through a competitive process and to Maine-
based public and private institutions to leverage matching private and federal funds on at 
least a one-to-one basis.