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Maine Adaptive Equipment Bonds, Question 3 (1997)

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Maine Question 3 was on the November 4, 1997 election ballot in Maine. It passed, with 55.2% of voters in favor.

Election results

Maine Question 3
Approveda Yes 188,522 55.2%

Text of measure

The language that appeared on the ballot:

Do you favor a $10,000,000 bond issue to provide funding for the Adaptive Equipment Loan Program fund, which provides loans to individuals with disabilities to purchase adaptive equipment and to small businesses to improve accessibility?

This Act would authorize the State to issue bonds in an amount not to exceed $10,000,000 to raise funds to support the Adaptive Equipment Loan Program fund and to provide funds for the University of Maine System and the Legislature to address accessibility and other public health and safety issues related to federal and state requirements. 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 of the sale of the bonds would be expended by the Finance Authority of Maine for the Adaptive Equipment Loan Program fund ($1,500,000), the University of Maine to meet federal and state accessibility and other health and safety requirements ($6,500,000), and all Executive Directors of the Legislative Council for the Reserve Fund for State House Preservation and Maintenance ($2,000,000).

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 $10,000,000 bond issue to address federal and state accessibility and public safety issues.

A "NO" vote disapproves the bond issue.

Total estimated life time cost is $13,740,000.00 representing $10,000,000.00 in principal and $3,740,000.00 in interest (assuming interest at 6.80% over 10 years).

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