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--- version:LD 362 SP 153
+++ version:(document, no version)
@@ -1,105 +1,18 @@
-Printed on recycled paper
+Approved: 02/05/25
+LD 362 LR 1400(01)
+Bond Issues Term (years) Principal Rate (%) Interest Total Cost
+General Fund - Non-Taxable 10 $50,000,000 5.0% $13,750,000 $63,750,000
+Referendum Costs Month/Year Election Type Question Length
+Nov-25 General Bond Issue Standard
+Potential current biennium cost increase - General Fund
+The Secretary of State's budget includes sufficient funds to accommodate one ballot of average length for the general
+election in November. If the number or size of the referendum questions requires production and delivery of a second
+ballot, an additional appropriation of $341,000 may be required.
+Preliminary Fiscal Impact Statement
 132nd MAINE LEGISLATURE
-FIRST REGULAR SESSION-2025
-Legislative Document No. 362
-S.P. 153 In Senate, February 3, 2025
-An Act to Authorize a General Fund Bond Issue to Replenish the
-Land for Maine's Future Program
-Received by the Secretary of the Senate on January 30, 2025.  Referred to the Committee
-on Appropriations and Financial Affairs pursuant to Joint Rule 308.2 and ordered printed.
-DAREK M. GRANT
-Secretary of the Senate
-Presented by Senator BLACK of Franklin.
-Cosponsored by Senators: BENNETT of Oxford, CYRWAY of Kennebec, GROHOSKI of
-Hancock, PIERCE of Cumberland, RENY of Lincoln, Representatives: DUCHARME of
-Madison, HENDERSON of Rumford, THORNE of Carmel.
-
-Page 1 - 132LR1400(01)
-1Preamble.  Two thirds of both Houses of the Legislature deeming it necessary in
-2 accordance with the Constitution of Maine, Article IX, Section 14 to authorize the issuance
-3 of bonds on behalf of the State of Maine to provide funds as described in this Act,
-4Be it enacted by the People of the State of Maine as follows:
-5Sec. 1.  Authorization of bonds.  The Treasurer of State is authorized, under the
-6 direction of the Governor, to issue bonds in the name and on behalf of the State in an
-7 amount not exceeding $50,000,000 for the purposes described in section 5 of this Act.  The
-8 bonds are a pledge of the full faith and credit of the State.  The bonds may not run for a
-9 period longer than 10 years from the date of the original issue of the bonds.
-10Sec. 2.  Records of bonds issued; Treasurer of State. The Treasurer of State
-11 shall ensure that an account of each bond is kept showing the number of the bond, the name
-12 of the successful bidder to whom sold, the amount received for the bond, the date of sale
-13 and the date when payable.
-14Sec. 3.  Sale; how negotiated; proceeds appropriated.  The Treasurer of State
-15 may negotiate the sale of the bonds by direction of the Governor, but no bond may be
-16 loaned, pledged or hypothecated on behalf of the State.  The proceeds of the sale of the
-17 bonds, which must be held by the Treasurer of State and paid by the Treasurer of State
-18 upon warrants drawn by the State Controller, are appropriated solely for the purposes set
-19 forth in this Act.  Any unencumbered balances remaining at the completion of the project
-20 in this Act lapse to the Office of the Treasurer of State to be used for the retirement of
-21 general obligation bonds.
-22Sec. 4.  Interest and debt retirement.  The Treasurer of State shall pay interest
-23 due or accruing on any bonds issued under this Act and all sums coming due for payment
-24 of bonds at maturity.
-25Sec. 5.  Disbursement of bond proceeds from General Fund bond issue.  The
-26 proceeds of the sale of the bonds authorized under this Act must be expended as designated
-27 in the following schedule under the direction and supervision of the agencies and entities
-28 set forth in this section.
-29DEPARTMENT OF AGRICULTURE, CONSERVATION AND FORESTRY
-30Land for Maine's Future Board
-31 Provides funds to be used for the acquisition of land and interest in land for conservation;
-32 water access; wildlife or fish habitat including deer wintering areas; outdoor recreation,
-33 including hunting and fishing; working farmland preservation; and working waterfront
-34 preservation.
-Total $50,000,000
-35Sec. 6.  Contingent upon ratification of bond issue.  Sections 1 to 5 do not
-36 become effective unless the people of the State ratify the issuance of the bonds as set forth
-37 in this Act.
-39Sec. 7.  Appropriation balances at year-end.  At the end of each fiscal year, all
-40 unencumbered appropriation balances representing state money carry forward.  Bond
-41 proceeds that have not been expended within 10 years after the date of the sale of the bonds
-35
-36
-37
-38
-Page 2 - 132LR1400(01)
-42 lapse to the Office of the Treasurer of State to be used for the retirement of general
-43 obligation bonds.
-3Sec. 8.  Bonds authorized but not issued.  Any bonds authorized but not issued
-4 within 5 years of ratification of this Act are deauthorized and may not be issued, except
-5 that the Legislature may, within 2 years after the expiration of that 5-year period, extend
-6 the period for issuing any remaining unissued bonds for an additional amount of time not
-7 to exceed 5 years.
-8Sec. 9.  Referendum for ratification; submission at election; form of
-9question; effective date.  This Act must be submitted to the legal voters of the State at
-10 a statewide election held in the month of November following passage of this Act.  The
-11 municipal officers of this State shall notify the inhabitants of their respective cities, towns
-12 and plantations to meet, in the manner prescribed by law for holding a statewide election,
-13 to vote on the acceptance or rejection of this Act by voting on the following question:
-14 "Do you favor a $50,000,000 bond issue to be used by the Land for Maine's
-15 Future Board for the acquisition of land and interest in land for
-16 conservation; water access; wildlife or fish habitat including deer
-17 wintering areas; outdoor recreation, including hunting and fishing;
-18 working farmland preservation; and working waterfront preservation?"
-19 The legal voters of each city, town and plantation shall vote by ballot on this question
-20 and designate their choice by a cross or check mark placed within a corresponding square
-21 below the word "Yes" or "No."  The ballots must be received, sorted, counted and declared
-22 in open ward, town and plantation meetings and returns made to the Secretary of State in
-23 the same manner as votes for members of the Legislature.  The Governor shall review the
-24 returns.  If a majority of the legal votes are cast in favor of this Act, the Governor shall
-25 proclaim the result without delay and this Act becomes effective 30 days after the date of
-26 the proclamation.
-27 The Secretary of State shall prepare and furnish to each city, town and plantation all
-28 ballots, returns and copies of this Act necessary to carry out the purposes of this
-29 referendum.
-30SUMMARY
-31 The funds provided by this bond issue, in the amount of $50,000,000, will be used by
-32 the Land for Maine's Future Board for the acquisition of land and interest in land for
-33 conservation; water access; wildlife or fish habitat including deer wintering areas; outdoor
-34 recreation, including hunting and fishing; working farmland preservation; and working
-35 waterfront preservation.
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+An Act to Authorize a General Fund Bond Issue to Replenish the Land for Maine's Future Program
+Preliminary Fiscal Impact Statement for Original Bill
+Sponsor: Sen. Black of Franklin
+Committee: Appropriations and Financial Affairs
+Fiscal Note Required: Yes
+LR1400(01) - Fiscal Note - Page 1 of 1