An Act to Authorize a General Fund Bond Issue to Secure
Maine Legislature, Session 132, LD 0483
Sponsors: FECTEAU

Legislative Document
No. 483
H.P. 312
House of Representatives, February 11, 2025
An Act to Authorize a General Fund Bond Issue to Secure 
Prosperity for Maine Families and Businesses
Received by the Clerk of the House on February 6, 2025.  Referred to the Committee on 
Appropriations and Financial Affairs pursuant to Joint Rule 308.2 and ordered printed pursuant 
to Joint Rule 401.
ROBERT B. HUNT
Clerk
Presented by Speaker FECTEAU of Biddeford.
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 $300,000,000 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.
MAINE STATE HOUSING AUTHORITY
Ongoing programs
Provides $80,000,000 for the State's tax credit for affordable housing; $25,000,000 for 
the authority's rural affordable housing rental program; and $20,000,000 for the 
authority's first-time homebuyer program.
Total 
$125,000,000
New programs
Provides $100,000,000 to create child care-public school partnerships for children up to 
years of age with a 100% match requirement and allowing school districts to contract 
with private providers and to create child care-private industry partnerships with a 100% 
match requirement; and $75,000,000 for expansion of public water and public sewer in 
areas zoned for residential use with a 50% local match requirement.
Total 
$175,000,000
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 $300,000,000 bond issue to support the State's tax credit 
for affordable housing and the Maine State Housing Authority's rural 
affordable housing rental program and first-time homebuyer program and 
to create child care-public school partnerships for children up to 4 years of 
age and child care-private industry partnerships, both with a 100% match 
requirement, and expand residential public water and public sewer systems 
with a 50% local match requirement?"
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 $300,000,000, will be used to 
support the State's tax credit for affordable housing and the Maine State Housing 
Authority's rural affordable housing rental program and first-time homebuyer program, 
create child care-public school partnerships for children up to 4 years of age and child care-
private industry partnerships and expand residential public water and public sewer systems.