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.
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.
| Maine Proposed Constitutional Amendment No. 1 (1957)|
| Yes|| 66,427|| 68.36%|
Election results via: Maine State Law and Legislative Reference Library, Proposed Constitutional Amendments 1820-
Text of measure
The language appeared on the ballot as:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
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?"