The Maine Bond Issue Interest Limitation Referendum, also known as Referendum Question No. 13, was on the November 4, 1969 ballot in Maine as a legislatively-referred state statute, where it was approved. The measure approved an increase in the interest rate for state bonds from five to six percent.
This measure was placed on the ballot because the contemporary bond market was not favorable to low interest bonds. It was unlikely that bonds authorized but unissued in the amount of $16 million for water pollution abatement payments and $250 thousand for the development of the Allagash Wilderness Waterway could be sold at an interest rate of 5 percent. Without raising the interest rate, it was likely the bonds would have gone unsold and these projects could not have been continued.
The interest rate limit on the bonds for pollution abatement was completely repealed in 1970 by another legislatively-referred bond question. According to the Attorney General's explanatory statement on the measure, there was an unissued balance of $16,000,000 in bonds authorized by the voters on November 3, 1964. It was unlikely that the bonds could be sold at their limited interest rate of six percent. This measure removed that interest limitation making the bonds more marketable.
A further $30 million in bonds was issued in 1977 for pollution abatement facilities though voter approval of a legislatively-referred bond question.
| Maine Referendum Question No. 13 (1969)|
| Yes|| 69,013|| 51.97%|
Election results via: Maine State Law and Legislative Reference Library, Referenda Votes on Acts of the Maine Legislature 1910-
Text of measure
The language appeared on the ballot as:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
REFERENDUM QUESTION NO. 13
"Shall 'An Act to Amend Bond Issue Acts as to Limitations of Interest' as passed by the 104th Legislature, be approved?"
- ↑ Maine State Law and Legislative Reference Library, "Referenda Votes on Acts of the Maine Legislature 1910-," accessed April 14, 2014
- ↑ 2.0 2.1 Lewiston Daily Sun, "Specimen Ballot," October 28, 1969
- ↑ 3.0 3.1 Private and Special Laws of the State of Maine As Passed by the One Hundred and Fourth Legislature 1969, "Chapter 195," accessed April 14, 2014
- ↑ Lewiston Daily Sun, "Specimen Ballot," October 27, 1970
- ↑ Bangor Daily News, "Specimen Ballot," November 28, 1977