The Maine State Guaranteed Loans for Private Colleges Referendum, also known as Proposed Constitutional Amendment No. 1, was on the November 4, 1969 ballot in Maine as a legislatively-referred constitutional amendment, where it was defeated. The measure would have provided $25 million in bonds for state guaranteed loans to private colleges for the construction and expansion of facilities.
The Maine Constitution does not allow credit of the state to be directly or indirectly loaned, but provides exceptions for such loans to occur. At the time of this measure, only two exceptions existed: one for state guaranteed loans for industrial purposes and one for state guaranteed loans for recreational purposes.
| Maine Proposed Constitutional Amendment No. 1 (1969)|
|Yes|| 55,770|| 41.37%|
Election results via: Maine State Law and Legislative Reference Library, Proposed Constitutional Amendments 1820-
Text of measure
The language appeared on the ballot as:
PROPOSED CONSTITUTIONAL AMENDMENT NO. 1
"Shall the Constitution which now, with certain exceptions, 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 state and providing for the issuance of bonds not exceeding, at any one time issued and outstanding, twenty-five million dollars for loans to private colleges for construction and expansion of facilities?"