Maine State Guaranteed Loans for Industrial Purposes, Proposed Constitutional Amendment No. 1 (1957)

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The Maine State Guaranteed Loans for Industrial Purposes Referendum, also known as Proposed Constitutional Amendment No. 1, was on the September 9, 1957 ballot in Maine as a legislatively-referred constitutional amendment, where it was approved. The measure allowed for the use of state credit to provide a $20 million issue for guaranteed loans for industrial purposes. Prior to this amendment, the credit of the state was not to be directly or indirectly loaned in any case.[1][2]

Aftermath

The amount available to issue for these bonds was increased by an additional $20 million by a legislatively-referred constitutional amendment in 1968, bringing the total amount to $40 million. In 1965, another legislatively-referred constitutional amendment extended these loans for industrial purposes to personal property. These loans were later extended beyond just industrial purposes to include agriculture and fisheries in 1967. The amount of money available for these loans was increased again in 1968 from $40 million to $80 million.

The state insurance limit for loans for recreational, industrial, manufacturing, fishing and agricultural enterprises was combined in 1978 to a total limit of $90 million.[3][4]

Election results

Maine Proposed Constitutional Amendment No. 1 (1957)
ResultVotesPercentage
Approveda Yes 66,427 68.36%
No30,75031.64%

Election results via: Maine State Law and Legislative Reference Library, Proposed Constitutional Amendments 1820-

Text of measure

The language appeared on the ballot as:[2]

PROPOSED CONSTITUTIONAL AMENDMENT NO. 1

"Shall the Constitution which now provides that the credit of the State of Maine shall not be directly or indirectly loaned in any case, be amended, as proposed by a resolution of the Legislature Pledging Credit of the State and Providing a Twenty Million Dollar Bond Issue for Guaranteed Loans for Industrial Purposes?" [5]

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