Maine Economic Growth and Job Creation Stimulation, Question 4 (2005)

From Ballotpedia
Jump to: navigation, search
Voting on Economic development
Economic development.jpg
Ballot Measures
By state
By year
Not on ballot
Maine
LawsHistory
List of measures

The Maine Economic Growth and Job Creation Stimulation Bond Issue, also known as Question 4, was on the November 8, 2005 ballot in Maine as a legislatively-referred bond question, where it was approved. The measure issued $20 million in bonds to stimulate economic growth and job creation. These funds were issued in anticipation of approximately $44 million in federal and private funds for medical research and development, marine research and development, equity investments in small companies with potential for high growth, and more.[1][2]

Election results

Maine Question 4 (2005)
ResultVotesPercentage
Approveda Yes 232,563 58.41%
No165,60741.59%

Election results via: Maine Secretary of State, Elections Division: Referendum Election Tabulations, November 8, 2005

Text of measure

The language appeared on the ballot as:[1]

Question 4: Bond Issue

Do you favor a $20,000,000 bond issue to stimulate economic growth and job creation through investments in the Maine economy in anticipation of approximately $44,000,000 in federal and private funds for medical research and development; marine research and development; equity investments in small Maine companies with potential for high growth; the New Century Community Program for capital improvements to cultural resources; the renovation of Camden Hall on the University of Maine Bangor campus for a graduate school for biomedical science; the development of the Laboratory for Surface Science Technology; capital costs and equipment for the career center facility at the University of Southern Maine's Lewiston-Auburn College; and the development of the Sunrise Business and Career Center in the Town of Jonesboro? [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 $20,000,000 to raise funds for a variety of purposes as reflected in the question. The bonds would run for a period not longer than 10 years from the date of issue and would be backed by the full faith and credit of the State.

Proceeds of the sale of the bonds would be expended as follows:

  • $8,000,000 would be placed in the Maine Biomedical Research Fund, administered by the Maine Biomedical Research Board, and used to finance investments in equipment and capital infrastructure for biomedical research at Maine-based private nonprofit research institutions, academic medical centers and medical schools deemed eligible in accordance with Title 5, section 13103 of the Maine Revised Statutes.
  • $4,000,000 would be placed in the Marine Infrastructure and Technology Fund, administered by the Maine Technology Institute, and used to fund grants awarded through a competitive process to nonprofit marine research laboratories, institutions and state governmental or quasi-governmental agencies for capital infrastructure projects. These funds would be matched by $4,000,000 in federal and private funding. Of the bond funds, $850,000 would be set aside to purchase the property known as Black Duck Cove on Great Wass Island, located in the town of Beals, to serve as the home of the Downeast Institute for Applied Marine Research. If the Institute receives $1,000,000 or more in federal funds for this land purchase, then the $850,000 would be awarded as grants on a competitive basis.
  • $1,000,000 would be placed in the Small Enterprise Growth Fund, administered by the Small Enterprise Growth Board and the Finance Authority of Maine, and used to invest in qualifying small businesses that meet the criteria set forth in Title 10, section 386 of the Maine Revised Statutes, which include showing potential for high growth and public benefit.
  • $1,000,000 would be placed in the New Century Community Program Fund, administered by the Maine State Cultural Affairs Council, and used to provide matching grants to eligible nonprofit and community-based organizations for capital improvements to libraries, museums, historical buildings, theaters and arts facilities.
  • The Department of Education would expend $1,000,000 for the development of the Sunrise Business and Career Center in the Town of Jonesboro, to serve Washington County.
  • The University of Maine would expend $2,000,000 on equipment for the Laboratory for Surface Science & Technology, located at the Orono campus, plus $1,000,000 to renovate Camden Hall on the University’s Bangor campus for a graduate school for biomedical science.
  • The University of Maine System would expend $2,000,000 to finance capital improvements and equipment for the career center at the University of Southern Maine’s Lewiston-Auburn College.

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 authorization of a $20,000,000 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 estimated total lifetime cost of the bonds was $25,940,000, with $20,000,000 in principal and $5,940,000 in interest, assuming 5.4 percent over 10 years.[1] The following is the state treasurer's statement that accompanied the Maine Citizen's Guide to the Referendum Election outlining the current bonded debt of the state as of June 30, 2005.

ME2005Nov Ballot Treasurer Statement.PNG

[3]

—David Lemoine, Treasurer of State, [1]

Path to the ballot

Questions 2, 3, 4, 5 and 6 of the November 8, 2005 ballot were all contained within one single legislative act, the full text of which can be read here. It was approved on August 8, 2005 as Chapter 462 of the Public Laws of 2005.[1]

See also

BP-Initials-UPDATED.png
Suggest a link

External links

References