| | | 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, |
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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. 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 $75,000,000 | | for the purposes described in section 5 of this Act and to access | | $37,500,000 in matching contributions from public and private | | sources. No more than $25,000,000 may be issued in the first | | year. The remaining $50,000,000 must be issued over a 3-year | | period, 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 10 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 kept by 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 this Act | | 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 allocated to Land for Maine's Future Board. | | The proceeds of the bonds allocated to the Land for Maine's | | Future Board must be expended for acquisition of land and | | interest in land for conservation, water access, outdoor | | recreation, wildlife and fish habitat and farmland preservation |
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