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Maine Marine Research Bond, Question 2 (2001)

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Maine Question 2 was on the November 6, 2001 election ballot in Maine as a legislatively-referred state statute where it was approved.

Question 2 authorized a $5 million bond for biomedical and marine research and development.

Election results

Question 2
Approveda Yes 113,538 52.5%

Text of measure

The question asked on the ballot was, "Do you favor a $5,000,000 bond issue for biomedical and marine research and development by Maine-based nonprofit and state research institutions?"

This Act would authorize the State to issue bonds in an amount not to exceed $5,000,000 to raise funds for equipment and infrastructure to conduct biomedical and marine research and development. 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.

Proceeds of the sale of the bonds in the amount of $4,000,000 would be placed in the Maine Biomedical Research Fund, administered by the newly established Maine Biomedical Research Board, and would be used to support investments in equipment and capital infrastructure for biomedical research, such as renovations and/or additions to laboratory space and related facilities. Institutions eligible to receive assistance from this Fund include: any Maine-based private non-profit biomedical research institution or academic medical center that performs competitive biomedical research, as evidenced by publication in recognized peer review journals, and performs such research in Maine with funding from specified grant sources in certain types of laboratory settings.

The remaining $1,000,000 of the bond proceeds would be placed in the Maine Marine Research Fund, administered by the Maine Technology Institute, and would be used to finance investments in equipment and infrastructure, such as laboratories or other structures or facilities, to support competitive marine research. Institutions eligible to receive assistance from this fund include private non-profit institutions in Maine, state governmental and quasi-governmental agencies, and academic institutions engaged in marine research, with the exception of the University of Maine System.

If approved, the bond authorization would take effect 30 days after the Governor's proclamation of the vote.

A "YES" vote approves the authorization of a $5,000,000 bond issue to finance purchases of equipment and infrastructure for biomedical and marine research.

A "NO" vote disapproves the bond issue.

Total estimated life time cost is $6,354,375 representing $5,000,000 in principal and $1,354,375 in interest (assuming interest at 4.93% over 10 years).

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