| | | 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 | | $20,000,000 to raise funds for providing Maine's 7 technical | | colleges with essential facilities improvements and classroom | | equipment as authorized by 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. 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. The proceeds of the bonds must | | be expended as set out in this Act under the direction and | | supervision of the Board of Trustees of the Maine Technical | | College System. |
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| | | Sec. 6. Allocations from General Fund bond issue. The proceeds of the sale | | of the bonds must be expended as designated in the following | | schedule. |
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