An Act to Authorize a General Fund Bond Issue for Research and
Maine Legislature, Session 132, LD 0506
Sponsors: PIERCE, FECTEAU, DAUGHTRY

Legislative Document
No. 506
S.P. 224
In Senate, February 11, 2025
An Act to Authorize a General Fund Bond Issue for Research and 
Development and Commercialization
Received by the Secretary of the Senate on February 7, 2025.  Referred to the Committee 
on Appropriations and Financial Affairs pursuant to Joint Rule 308.2 and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator PIERCE of Cumberland.
Cosponsored by Speaker FECTEAU of Biddeford and
Senators: BENNETT of Oxford, President DAUGHTRY of Cumberland, GROHOSKI of 
Hancock, Representatives: CLOUTIER of Lewiston, STROUT of Harrington.
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.
DEPARTMENT OF ECONOMIC AND COMMUNITY
DEVELOPMENT
Office of Innovation
Provides funds 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 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.
Total
$50,000,000
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.  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 to provide funds, to be awarded 
through a competitive process and to leverage matching private and federal 
funds on at least a one-to-one basis, for research and development and 
commercialization for Maine-based public and private institutions in 
support of technological innovation in targeted sectors?"
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
The funds provided by this bond issue, in the amount of $50,000,000, 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 Department of Economic and Community Development, 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.