LD 394
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LD 394 Title Page An Act To Authorize a General Fund Bond Issue in the Amount of $2,700,000 for M... Page 2 of 3
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LR 1473
Item 1

 
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,

 
Be it enacted by the People of the State of Maine as follows:

 
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
$2,700,000 to raise funds for capital improvements, repairs
and construction at Maine Maritime Academy 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.

 
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.

 
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.

 
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.

 
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 Maine Maritime Academy.

 
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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