Maine Biomedical and Marine Research, Question 2 (2001)

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The Maine Biomedical and Marine Research Bond Issue, also known as Question 2, was on the November 6, 2001 ballot in Maine as a legislatively-referred bond question, where it was approved. The measure issued $5 million in bonds for biomedical and marine research and development. This work was to be done by Maine-based nonprofit and state research institutions. Specifically, $4 million was allocated for the Maine Biomedical Research Fund and $1 million was allocated for the Maine Marine Research Fund.[1][2]

Election results

Maine Question 2 (2001)
ResultVotesPercentage
Approveda Yes 113,538 52.48%
No102,82047.52%

Election results via: Maine Secretary of State, Elections Division: Referendum Election Tabulations, November 6, 2001

Text of measure

The language appeared on the ballot as:[1]

Question 2: Bond Issue

Do you favor a $5,000,000 bond issue for biomedical and marine research and development by Maine-based nonprofit and state research institutions? [3]

Summary

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 $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 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 $5,000,000 bond issue to finance purchases of equipment and infrastructure for biomedical and marine research.

A "NO" vote disapproves the bond issue. [3]

Maine Secretary of State, [1]

Fiscal note

The total estimated life time cost of the bonds was $6,354,375 with $5,000,000 in principal and $1,354,375 in interest, assuming interest at 4.93% over 10 years.[1]

See also

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