Maine University, Community College, Maritime Academy and State Library Improvements, Question 5 (2003)

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The Maine University, Community College, Maritime Academy and State Library Improvements Bond Issue, also known as Question 5, was on the November 4, 2003 ballot in Maine as a legislatively-referred bond question, where it was approved. The measure issued $19 million in bonds for repairs and improvements to the state university system, community college system, the maritime academy and the state library.[1][2]

Election results

Maine Question 5 (2003)
ResultVotesPercentage
Approveda Yes 266,146 53.41%
No232,12746.59%

Election results via: Maine Secretary of State, Elections Division: Referendum Election Tabulations, November 4, 2003

Text of measure

The language appeared on the ballot as:[1]

ME2003Nov Question 5.PNG

[3]

Summary

The following description of the intent and content of this ballot 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 $19,000,000 to raise funds for a variety of improvements and repairs to educational facilities and libraries. The bonds would run for a period not to exceed 10 years from the date of issue and would be backed by the full faith and credit of the State.

The University of Maine System would expend proceeds from sale of the bonds in the amount of $2,500,000 to upgrade health and safety features in laboratory buildings at various campuses, plus another $2,000,000 to improve and expand the facilities and classrooms at the University of Maine Lewiston-Auburn campus.

The Maine Community College System would expend $12,000,000 of the bond proceeds to make repairs, upgrades and other facility improvements, to enhance access to facilities for students with disabilities, and to update classroom equipment at all the community college campuses.

The Maine Maritime Academy would expend $1,000,000 in proceeds from the sale of the bonds to repair and replace classrooms and other facilities.

The Maine State Library would expend $1,500,000 of the bond proceeds in grants to construct and renovate public libraries and to improve community access to electronic resources.

If approved, this 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 authorization of a $19,000,000 bond issue to finance all of the above activities.

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

Maine Secretary of State, [1]

Fiscal note

The total estimated life cost of these bonds was $23,963,750, with $19,000,000 in principal and $4,963,750 in interest, assuming 4.75 percent over 10 years.[1]

Path to the ballot

The bond issues denoted in Questions 4, 5 and 6 of the 2003 ballot in Maine were all contained in one legislative act. The full text of that act can be read here. Question 5 was described in Part C of the legislation. Question 4 was described in Part B, and Question 6 was described in Part A.[1]

See also

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