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Maine Jobs, Building Renovation, Terrorism and Tourism, Question 2 (2002)

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The Maine Jobs, Building Renovation, Terrorism and Tourism Bond Issue, also known as Question 2, was on the June 11, 2002 ballot in Maine as a legislatively-referred bond question, where it was approved. The measure issued $34.97 million in bonds to stimulate job growth, renovate buildings, defend against terrorism and promote tourism. A detailed list of the exact allocations for each particular project can be read in the text of measure section on this page.[1][2]

Election results

Maine Question 2 (2002)
ResultVotesPercentage
Approveda Yes 94,128 51.41%
No88,96548.59%

Election results via: Maine Secretary of State, Elections Division: Referendum Election Tabulations, June 11, 2002

Text of measure

The language appeared on the ballot as:[1]

Question 2: Bond Issue

Do you favor a $34,970,000 bond issue to stimulate job growth, renovate buildings, defend against terrorism in Maine and promote tourism? The bonds would be used for the following purposes:

1. Funds of $4,000,000 for the Municipal Investment Trust Fund to provide loans and grants to municipalities for public infrastructure to support economic development and other purposes of the fund;
2. Funds of $8,000,000 to the Finance Authority of Maine to create and retain Maine jobs through the funding of community, regional and state business financing programs;
3. Funds of $540,000 for the protection of the lives and property of Maine citizens;
4. Funds of $6,000,000 to capitalize the Maine Rural Development Authority to facilitate job creation through the development and redevelopment of commercial and industrial buildings in Maine;
5. Funds of $400,000 for renovation of buildings and associated infrastructure at the Schoodic Education and Research Center. State bond funds will match $4,000,000 in federal funds;
6. Funds of $5,000,000 for the construction of a facility for product development and support that will provide the University of Maine with the resources needed to help solve daily manufacturing and engineering problems;
7. Funds of $4,000,000 for the construction of a facility for product development and support that will provide the University of Southern Maine with the resources needed to help solve daily manufacturing and engineering problems;
8. Funds of $5,500,000 for medical research and development by Maine-based biomedical research institutions in order to obtain matching federal funds for health research to cure disease and to retain Maine graduates by providing quality Maine jobs;
9. Funds of $1,000,000 for the planning and construction of the Franco-American Heritage Center at St. Mary's in Lewiston;
10. Funds of $30,000 to assist the Moosehead Marine Museum in the renovation of its flagship, the Katahdin; and
11. Funds of $500,000 for the renovation of the Center Theater in downtown Dover-

Foxcroft. [3]

Summary

The following description of the intent and content of this measure was provided in the Maine Citizen's Guide to the Referendum Election:

This Act would authorize the State to issue bonds in an amount not to exceed $34,970,000 to raise funds for a variety of purposes as indicated in paragraphs #1 - 11 of the ballot question.

Proceeds of the sale of the bonds in the amount of $4,000,000 (referenced in paragraph 1 of the question) would be used to capitalize the existing Municipal Investment Trust Fund, which is administered by the Maine Municipal Bond Bank and the Department of Economic and Community Development and is used to provide loans and grants to municipalities for public infrastructure projects. These are defined by statute as facilities that are essential for public health, safety and welfare and include sewage treatment and solid waste facilities, water supply and treatment facilities, public safety equipment and facilities, roads, traffic control devices and other transportation facilities, sidewalks, trees, buried utility lines and other streetscape improvements, parks and other open space or recreational areas, public access to coastal and inland waters, geographic information systems and any other facility that benefits the public.

Proceeds of the sale of the bonds in the amount of $8,000,000 (referenced in paragraph 2 of the question) would be expended by the Finance Authority of Maine to recapitalize two existing loan programs at $4,000,000 each -- the Economic Recovery Loan Program and the Regional Economic Development Revolving Loan Program. Both programs provide financial assistance to businesses in order to create or retain jobs.

Under paragraph 3 of the question, $540,000 of the bond proceeds would be expended by the Department of Defense, Veterans and Emergency Management to provide a computerized emergency notification system for the Maine Drinking Water Program and to purchase equipment to improve security at court facilities.

Proceeds of the sale of the bonds in the amount of $6,000,000 (referenced in paragraph 4 of the question) would be used to capitalize the newly created Maine Rural Development Authority, for the purpose of implementing the Community Industrial Building Program and the Commercial Facilities Development Program. These programs enable the Authority to facilitate job creation by assisting in the acquisition, development and redevelopment of commercial and industrial buildings.

An additional $400,000 in bond proceeds (see paragraph 5 of the question) would be matched by $4 million in federal funds and expended by the Department of Economic and Community Development to renovate buildings and provide associated infrastructure to establish an Education and Research Center at the former Navy base on Schoodic Point in Acadia National Park.

A total of $9,000,000 of the bond proceeds would be used to construct two product development and testing centers - one at the University of Maine for $5,000,000, and one at the University of Southern Maine for $4,000,000 (see paragraphs 6 and 7 of the question). These centers would be used to assist private companies in the development and testing of new products. The centers would be required to work in collaboration with the seven existing applied technology development centers.

Proceeds of the sale of the bonds in the amount of $5,500,000 would be placed in the Maine Biomedical Research Fund administered by the Maine Biomedical Research Board, and would be used to finance investments in equipment and capital infrastructure for biomedical research at Maine-based private non-profit research institutions and academic medical centers deemed eligible in accordance with Title 5, section 13103 of the Maine Revised Statutes (see paragraph 8 of the question).

The remainder of the bond proceeds would be expended by the Department of Administrative and Financial Services (as referenced in paragraphs 9, 10 and 11 of the question) to provide funding for private non-profit organizations to undertake the following projects:

IandC for Q2 ME2002.PNG

The bonds would run for a period not longer than 10 years from the date of issue and would be backed by the full faith and credit of the State.

If approved, the bond authorization would take effect 30 days after the Governor's proclamation of the vote.

A statement of the Treasurer describing the financial considerations of this bond issue is published together with this statement.

A "YES" vote approves the authorization of a $34,970,000 bond issue to finance all of the above listed activities.

A "NO" vote disapproves the bond issue. [3]

Maine Secretary of State, [1]

Fiscal note

The total estimated life time cost of the bonds was $44,452,116, with $34,970,000 in principal and $9,482,116 in interest, assuming interest at 4.93% over 10 years.[1]

See also

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