| | | 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 for the repair and | | upgrading roads in the Bangor Area Comprehensive Transportation | | System by the Department of Transportation. |
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| | | Be it enacted by the People of the State of Maine as follows: |
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| | | Sec. 1. Authorization of bonds to provide for road repair and improvements. 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 $13,500,000 to raise funds for the | | repair and upgrading of roads in the Bangor Area Comprehensive | | Transportation System as authorized by section 6. The bonds are | | a pledge of the full faith and credit of the State. The bonds | | may not run for a period longer than 20 years from the date of | | the original issue of the bonds. At the discretion of the | | Treasurer of State, with the approval of the Governor, any | | issuance of bonds may contain a call feature. |
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| | | Sec. 2. Records of bonds issued to be kept by the Treasurer of State. The | | Treasurer of State shall keep an account of each bond 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. |
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| | | 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 section 6 | | lapse to the debt service account established for the retirement | | of these bonds. |
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| | | 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. |
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| | | Sec. 5. Disbursement of bond proceeds. The proceeds of the bonds must be | | expended as set out in section 6 under the direction and | | supervision of the Department of Transportation. |
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| | | Sec. 6. Allocations from General Fund bond issue. The proceeds of the sale | | of bonds must be expended as designated in the following | | schedule. |
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