Maine Economic Growth and Job Creation, Question 1 (2003)
The Maine Economic Growth and Job Creation Bond Issue, also known as Question 1, was on the June 10, 2003 ballot in Maine as a legislatively-referred bond question, where it was approved. The measure issued $60 million in bonds to stimulate economic growth and job creation through investments in research, development, municipal infrastructure and facilities, the Maine Farms for the Future Program and affordable housing. These funds were in anticipation of approximately $134.15 million in federal and private funds.
|Maine Question 1 (2003)|
Text of measure
The language appeared on the ballot as:
Do you favor a $60,000,000 bond issue to stimulate economic growth and job creation through investments in research and development, municipal infrastructure and facilities, the Maine Farms for the Future Program and affordable housing, in anticipation of approximately $134,150,000 in federal and private funds? The bonds would be used for the following purposes:
The following description of the intent and content of this 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 $60,000,000 to raise funds for a variety of purposes as indicated in paragraphs #1 – 12 of the ballot 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.
The University of Maine System would expend proceeds of the sale of the bonds in the amount of $18,000,000 for the following purposes, as referenced in paragraphs 2 through 5 and paragraph 11 of the ballot question:
The Department of Economic and Community Development (now re-named the Department of Tourism, Economic and Community Development) would expend proceeds of the sale of the bonds in the amount of $32,000,000 for the following purposes, as referenced in paragraph 1 and paragraphs 6 through 9 of the question:
The Department of Agriculture, Food and Rural Resources would expend proceeds of the sale of the bonds in the amount of $2,000,000 (referenced in paragraph 10 of the question) through the existing Maine Farms for the Future Program, established pursuant to Title 7, chapter 10-B of the Maine Revised Statutes. This program provides technical assistance grants to farmers selected through a competitive process to develop and implement business plans designed to increase the vitality of farms and maintain them in agricultural use.
The Maine State Housing Authority would utilize proceeds of the sale of the bonds in the amount of $8,000,000 (referenced in paragraph 12 of the question) to support the development of affordable housing projects. Of that amount, $7,500,000 would be applied to the development of approximately 150 units of new multi-family rental housing, while the balance of $500,000 would be used to assist families to purchase single family housing under the Maine State Housing Authority’s first time home buyer program. It is anticipated that the use of these bond funds would support the additional investment of approximately $21,000,000 in federal and private funding through mortgage revenue bonds and federal income tax credits.
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 $60,000,000 bond issue to finance all of the above listed activities.
A "NO" vote disapproves the bond issue in its entirety. 
The total estimated life time cost of the bonds was $74,850,000, with $60,000,000 in principal and $14,850,000 in interest, assuming interest at 4.50% over 10 years.
- Maine 2003 ballot measures
- 2003 ballot measures
- List of Maine ballot measures
- History of Initiative & Referendum in Maine
- Maine Citizen's Guide to the Referendum Election, Tuesday, June 10, 2003 from Maine Secretary of State
- Referendum Election Tabulations, June 10, 2003 from Maine Secretary of State
- Maine Secretary of State, Division of Elections, "Maine Citizen's Guide to the Referendum Election, Tuesday, June 10, 2003," accessed May 6, 2014
- Maine Secretary of State, Elections Division, "Referendum Election Tabulations, June 10, 2003," accessed May 6, 2014
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.