Maine Bond Issue Interest Limitation, Referendum Question No. 13 (1969)

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The Maine Bond Issue Interest Limitation Referendum, also known as Referendum Question No. 13, was on the November 4, 1969 ballot in Maine as a legislatively-referred state statute, where it was approved.[1][2] The measure approved an increase in the interest rate for state bonds from five to six percent.[3]

Background

This measure was placed on the ballot because the contemporary bond market was not favorable to low interest bonds. It was unlikely that bonds authorized but unissued in the amount of $16 million for water pollution abatement payments and $250 thousand for the development of the Allagash Wilderness Waterway could be sold at an interest rate of 5 percent. Without raising the interest rate, it was likely the bonds would have gone unsold and these projects could not have been continued.[3]

Aftermath

The interest rate limit on the bonds for pollution abatement was completely repealed in 1970 by another legislatively-referred bond question. According to the Attorney General's explanatory statement on the measure, there was an unissued balance of $16,000,000 in bonds authorized by the voters on November 3, 1964. It was unlikely that the bonds could be sold at their limited interest rate of six percent. This measure removed that interest limitation making the bonds more marketable.[4]

A further $30 million in bonds was issued in 1977 for pollution abatement facilities though voter approval of a legislatively-referred bond question.[5] In 1980, $15,735,000 in bonds were issued to plan, construct and equip pollution abatement facilities and to clean up and mitigate public health and environmental threats from uncontrolled hazardous substance sites.[6][7]

Election results

Maine Referendum Question No. 13 (1969)
ResultVotesPercentage
Approveda Yes 69,013 51.97%
No63,79348.03%

Election results via: Maine State Law and Legislative Reference Library, Referenda Votes on Acts of the Maine Legislature 1910-

Text of measure

The language appeared on the ballot as:[2]

REFERENDUM QUESTION NO. 13

"Shall 'An Act to Amend Bond Issue Acts as to Limitations of Interest' as passed by the 104th Legislature, be approved?" [8]

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See also

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