Maine Economic Stimulation Bond (1998)
From Ballotpedia
Maine Question 1, also known as An Act to Authorize a General Fund Bond Issue in the Amount of $20 Million to Stimulate the Maine Economy through Research and Development, was on the November 3, 1998 election ballot in Maine. It passed, with 62.6% of voters in favor.
- In favor: 250,506 (62.6%)
- Opposed: 149,710
Text of the proposal
The language that appeared on the ballot:
This Act would authorize the State to issue bonds in an amount not to exceed $20,000,000 to raise funds for capital expenditures to support applied research and development in biotechnology, aquaculture and marine sciences, information technologies, advanced materials and advanced technologies for forestry and agriculture. The bonds would run for a period not longer than 20 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 in the amount of $13,500,000 would be expended by the University of Maine System for capital improvements and equipment purchases to support research and development in marine sciences, biotechnology, software engineering and development, advanced technologies for forestry and agriculture, and advanced materials engineering and development. Receipt of these funds by the University is contingent upon the University establishing a fund with private and non-General Fund contributions to cover the cost of maintaining any office, laboratory or other building space to be constructed with these bond monies.
Proceeds of the sale of the bonds in the amount of $2,000,000 will be expended by the State Department of Economic and Community Development to pay a portion of the costs to design and construct the Gulf of Maine Aquarium Research Facility.
The remainder of the bond proceeds will be expended by the Maine Science and Technology Foundation to create a $3,000,000 Marine Technology Fund to enhance research and education capability and internet connections among public, private and nonprofit marine research institutions; and to provide $1,500,000 in research challenge grants to enhance research and development capacity and productivity in for-profit, nonprofit and academic research institutions.
Total estimated life time cost is $30,710,000 representing $20,000,000 in principal and $10,710,000 in interest (assuming interest at 5.10% over 20 years).
See also
External links
- Citizen's guide to the Maine November 3, 1998 ballot measures
- Tabulation of the vote on the Maine November 3, 1998 ballot measures
- Bond issues on the Maine ballot
