Maine Capitalize School Revolving Renovation Fund, Question 4 (2001)

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The Maine Capitalize School Revolving Renovation Fund Bond Issue, also known as Question 4, was on the November 6, 2001 ballot in Maine as a legislatively-referred bond question, where it was approved. The measure issued $15 million in bonds to capitalize the School Revolving Renovation Fund. This fund was to provide for repairs and improvements in public school facilities to address health, safety and compliance deficiencies, as well as general renovation needs and learning space upgrades.[1][2]

Election results

Maine Question 4 (2001)
ResultVotesPercentage
Approveda Yes 149,580 68.60%
No68,47131.40%

Election results via: Maine Secretary of State, Elections Division: Referendum Election Tabulations, November 6, 2001

Text of measure

The language appeared on the ballot as:[1]

Question 4: Bond Issue

Do you favor a $15,000,000 bond issue to capitalize the State's School Revolving Renovation Fund for repairs and improvements in public school facilities to address health, safety and compliance deficiencies, general renovation needs and learning space upgrades? [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 $15,000,000 to raise funds to finance renovation, repairs and improvements to public school facilities in the State. 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.

Proceeds of the sale of these bonds would be placed in the School Revolving Renovation Fund administered by the Maine Municipal Bond Bank and would be expended for the purposes authorized pursuant to Title 30-A of the Maine Revised Statutes, section 6006-F. These include making loans to school administrative units for: (1) repair and renovation of school buildings to address serious health, safety and compliance issues such as improving indoor air quality, ensuring accessibility in compliance with the federal Americans with Disabilities Act, repairing or replacing roofs, and removing or abating asbestos; (2) other repairs and improvements related to the structural integrity of school facilities, such as heating systems, doors and windows; and (3) upgrading learning spaces in school buildings, such as by improving science laboratories, vocational spaces and increasing classroom flexibility. The Department of Education would determine the eligibility and relative priority of projects for funding under this program, in accordance with section 6006-F.

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 $15,000,000 bond issue to capitalize the School Revolving Renovation Fund and provide loans to school administrative units for renovations, repairs and improvements to public school facilities.

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 $19,063,125, with $15,000,000 in principal and $4,063,125 in interest, assuming interest at 4.93% over 10 years.[1]

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