124th MAINE LEGISLATURE
LD 1816 LR 2610(01)
An Act To Authorize a Bond Issue for Ratification by the Voters for the June 2010 Election To Create Jobs in the State
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Sen. Mitchell of Kennebec
Committee: Appropriations and Financial Affairs
Fiscal Note Required: Yes
             
Preliminary Fiscal Impact Statement
Current biennium cost increase - General Fund
Bond Issues Term (years) Principal Rate (%) Interest Total Cost
General Fund - Non-Taxable 10 $94,000,000 4.0% $20,680,000 $114,680,000
General Fund - Taxable 10 $5,170,000 5.0% $1,421,750 $6,591,750
Referendum Costs Month/Year Election Type Question Length
Jun-10 Special Bond Issue Standard
The Secretary of State's budget includes sufficient funds to accommodate one ballot of average length for the general election in November. This bill requires a special election in June of 2010 and there is no money budgeted for such an expense.  However, even without this bill the state had already become committed to a special election for bonds from the 1st Regular Session of the 124th Legislature.  The proposed supplemental budget, LD 1671, includes $153,500 for the June 2010 election, which would cover the full cost of producing and delivering ballots of a standard size to the 503 municipalities, along with the costs of producing and distributing the Citizen’s Guide to the Referendum Election and producing and providing other forms, materials and instructions.  It is anticipated that the proposed appropriation of $153,500 will be adequate to accommodate the referendum costs of this bill and those from the previously committed bonds.