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Maine Technical College Bond Act, Question 6 (1999)

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Maine Question 6 was on the November 2, 1999 election ballot in Maine. It passed, with 69.7% of voters in favor.

Election results

Maine Question 6 1999
Approveda Yes 284,880 69.7%

Text of measure

The language that appeared on the ballot:

Do you favor a $26,420,000 bond issue for infrastructure improvements at Maine's 7 technical colleges that must be matched by at least $7,000,000 of private or in-kind donations?

This Act would authorize the State to issue bonds in an amount not to exceed $26,420,000 to raise funds for infrastructure improvements at Maine's seven technical colleges. This amount must be matched by at least $7,000,000 in private or in-kind donations over the term of the bond. The bonds would run for a period of not longer than 10 years from the date of issue and would be backed by the full faith and credit of the State.

The proceeds from the sale of the bonds would be expended by Maine's Technical College System and would be used for high technology laboratories and libraries, facility improvements and expansions and upgrading telecommunications and information technology. The proceeds would be allocated as follows:

Central Maine Technical College: $3,250,000 Eastern Maine Technical College: $4,370,000 Kennebec Valley Technical College: $3,400,000 Northern Maine Technical College: $3,000,000 Southern Maine Technical College: $5,000,000 Washington County Technical College: $3,100,000 York County Technical College: $4,300,000

Total estimated life time cost is $33,104,260 representing $26,420,000 in principal and $6,684,260 in interest (assuming interest at 4.60% over 10 years).

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