Maine Job Creation Bond Act (1996)
From Ballotpedia
Maine Question 6, also known as An Act to Authorize a Bond Issue to Encourage and Support Economic Development, was on the November 5, 1996 election ballot in Maine. It passed, with 64.7% of voters in favor.
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 $11,000,000 to raise funds for the capitalization of the Small Enterprise Growth Fund and the Agricultural Marketing Loan Fund to provide disbursements to enterprises in critical stages of development. 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 from the Small Enterprise Growth Fund ($5,000,000) and the Agricultural Marketing Loan Fund ($6,000,000).
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 $11,000,000 bond issue for the Small Enterprise Growth Fund and the Agricultural Marketing Loan Fund to provide disbursements to enterprises in critical stages of growth.
A "NO" vote disapproves the bond issue.
Total Estimated Debt Service of $14,236,750, of which Principal is $11,000,000, Estimated Interest at 5.35% over 10 years is $3,236,750.
See also
External links
- Citizen's guide to the November 5, 1996 Maine ballot questions
- November 5, 1996 Maine ballot question election results, Questions 5-8
- Votes on Maine bond questions
