| | | 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 acquisition | | of lands and interests in lands for conservation, water access, | | outdoor recreation, fish and wildlife habitat and farmland | | protection and to access matching contributions from public and | | private sources. |
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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 conservation, water access, outdoor | | recreation, fish and wildlife habitat and farmland protection. 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 to raise funds for the acquisition of | | lands and interests in lands for conservation, water access, | | outdoor recreation, fish and wildlife habitat and farmland | | protection and to access matching contributions from public and | | private sources, as authorized in section 7. No more than | | $10,000,000 may be issued in the first year and no more than | | $10,000,000 may be issued in each of the 4 subsequent years, | | except that any unused balance may be added to the specified | | amount in subsequent years. 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 the 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 7 lapse to the debt service account established for | | the retirement of these bonds. |
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| | | Sec. 4. Taxable bond option. The Treasurer of State, at the direction | | of the Governor, shall covenant and consent that the interest on | | the bonds is includable under the United States |
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