Maine Small Business Bond Issue, Question 3 (2014)

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Question 3
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Type:Bond issue
Referred by:Maine Legislature
Topic:Bonds
Status:Approved Approveda
2014 measures
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November 4
Question 1 Defeatedd
Question 2 Approveda
Question 3 Approveda
Question 4 Approveda
Question 5 Approveda
Question 6 Approveda
Question 7 Approveda
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Local measures
The Maine Small Business Bond Issue, Question 3 was on the November 4, 2014 ballot in Maine as a legislatively-referred bond question, where it was approved. The measure was designed to issue $4 million in bonds to insure loans to small businesses and $8 million in bonds for flexible loans to small businesses.[1]

Election results

Below are the official, certified election results:

 Maine Question 3
ResultVotesPercentage
Approveda Yes 362,237 61.94%
No222,57638.06%

Election results via: Maine Bureau of Corporations, Elections and Commissions

Text of measure

Ballot title

The question appeared on the ballot as the following:[1]

Question 3: Bond Issue

Do you favor a bond issue to provide $4,000,000 in funds to insure portions of loans to small businesses to spur investment and innovation and to provide $8,000,000 in funds to make flexible loans to small businesses to create jobs, revitalize downtowns and strengthen the rural economy?[2]

Full text

The full text of the measure can be read here.[3]

Fiscal note

The following fiscal note was provided on Question 3:[4]

ME Question 3 2014 fiscal note.JPG

Background

The election that took place in Maine on November 4, 2014, is known as a referendum election. According to the Maine Bureau of Corporations, Elections and Commissions, "Referendum Elections are held to provide Maine’s citizens an opportunity to vote on People’s Veto Referenda, Direct Initiatives of Legislation (i.e. Citizen Initiatives), Bond Issues, other referenda proposed by the Legislature, and Constitutional Amendments. Referendum elections are an important part of the heritage of public participation in Maine."[5]

Support

Supporters

SP 732 "Yes" votes

The following members of the Maine Legislature voted in favor of placing this measure on the ballot.[8][9]

Note: A yes vote on SP 732 merely referred the question to voters and did not necessarily mean these legislators approved of the stipulations laid out in Question 3.

Senate

House

Arguments

The Maine League of Women Voters listed the following as arguments in favor of Question 3 in their voters' guide:[10]

  • The bond will provide loans to small businesses in Maine.
  • Use of the bond funds could result in new jobs.
  • It may help the economy in the State of Maine.
  • The bonds could help rural areas of Maine.

[2]

Opposition

SP 732 "No" votes

The following members of the Maine Legislature voted against placing this measure on the ballot.[8][9]

Note: A no vote on SP 732 meant that a legislator did not want to refer the question to voters and did not necessarily mean these legislators disapproved of the stipulations laid out in Question 3.

Senate

House

Arguments

The Maine League of Women Voters listed the following as arguments in opposition to Question 3 in their voters' guide:[10]

  • Maine would add $12 million to its total debt.
  • It will cost a total of $14.64 million in principal and interest over ten years to repay the money.
  • Other projects may be more worthy of the state’s money.

[2]

Media editorial positions

See also: Endorsements of Maine ballot measures, 2014

Support

  • The Maine Current said,
We also support Question 3, which provides $4 million to back loans to small businesses and $8 million to create jobs, revitalize downtowns and the rural economy. With disturbing reports of Verso and Great Northern Paper shuttering their mills in small towns, this sort of investment, which would be administered by the trusted Finance Authority of Maine, seems to be perfect timing.[2]

Maine Current, [11]

  • The Bangor Daily News said,
Maine has few resources to use to promote economic development. Loan guarantees and revolving loan programs targeted at small businesses are among those tools. The $12 million sought in Question 3 would recapitalize two such programs run by the Finance Authority of Maine: The authority’s Commercial Loan Insurance and Regional Economic Development Revolving Loan programs...Question 3 is a small investment in helping small business start and grow in Maine. It deserves voter support.[2]

Bangor Daily News, [12]

  • The Press Herald said,
Question 3 on the ballot would issue $12 million to two programs administered by the Finance Authority of Maine and designed to bolster small businesses. Both programs have a solid track record of encouraging growth and creating jobs, and voters should back them by voting “yes” on Question 3.[2]

Press Herald, [13]

Path to the ballot

See also: Legislatively-referred state statute

According to Article IX, Section 14 of the Maine Constitution, a two-thirds vote in both chambers of the Maine Legislature was required to put bond issues before voters.

The Maine Senate and Maine House of Representatives passed SP 732 on May 1, 2014.[14]

Senate vote

May 1, 2014 Senate vote

Maine SP 732 Senate Vote
ResultVotesPercentage
Approveda Yes 31 88.57%
No411.43%

House vote

May 1, 2014 House vote

Maine SP 732 Assembly Vote
ResultVotesPercentage
Approveda Yes 118 80.82%
No2819.12%

See also

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External links

References