LD 1928
pg. 2
Page 1 of 4 An Act to Authorize a General Fund Bond Issue for Repairs, Renovations and Addi... Page 3 of 4
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LR 2867
Item 1

 
Sec. A-6. Allocations from General Fund bond issue; for repairs, renovations and additions to
public schools. The proceeds of the sale of bonds must be expended as
designated in the following schedule.

 
MAINE MUNICIPAL BOND BANK

 
School Revolving Renovation Fund

 
For renovation and repair of$50,000,000

 
public schools to correct health

 
and safety violations and violations

 
of the federal Americans with

 
Disabilities Act and to fund additions

 
to schools when made in combination

 
with correcting the violations.

 
Sec. A-7. Contingent upon ratification of bond issue. Sections 1 to 6 of this
Part do not become effective unless the people of the State have
ratified the issuance of bonds as set forth in this Part.

 
Sec. A-8. 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
General Fund debt service.

 
Sec. A-9. Bonds authorized but not issued. Any bonds authorized but not
issued, or for which bond anticipation notes are not issued
within 5 years of ratification of this Part, 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 or bond
anticipation notes for an additional amount of time not to exceed
5 years.

 
Sec. A-10. Referendum for ratification; submission at statewide election; form of
question; effective date. This Part must be submitted to the legal
voters of the State of Maine at a statewide election held on the
Tuesday following the first Monday of November following passage
of this Part. 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 Part by
voting on the following question:


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