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Maine School Renovation Fund Bond, Question 4 (2001)

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Maine Question 4 was on the November 6, 2001 election ballot in Maine as a legislatively-referred state statute where it was approved.

Question 4 authorized a $15 million bond issue for public school facilities.

Election results

Question 4
ResultVotesPercentage
Approveda Yes 149,580 69%
No68,47131%

Text of measure

The question asked on the ballot was, "Do you favor a $15,000,000 bond issue to capitalize the State's School Revolving Renovation Fund for repairs and improvements in public school facilities to address health, safety and compliance deficiencies, general renovation needs and learning space?"

This Act would authorize the State to issue bonds in an amount not to exceed $15,000,000 to raise funds to finance renovation, repairs and improvements to public school facilities in the State. 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 these bonds would be placed in the School Revolving Renovation Fund administered by the Maine Municipal Bond Bank and would be expended for the purposes authorized pursuant to Title 30-A of the Maine Revised Statutes, section 6006-F. These include making loans to school administrative units for: (1) repair and renovation of school buildings to address serious health, safety and compliance issues such as improving indoor air quality, ensuring accessibility in compliance with the federal Americans with Disabilities Act, repairing or replacing roofs, and removing or abating asbestos; (2) other repairs and improvements related to the structural integrity of school facilities, such as heating systems, doors and windows; and (3) upgrading learning spaces in school buildings, such as by improving science laboratories, vocational spaces and increasing classroom flexibility. The Department of Education would determine the eligibility and relative priority of projects for funding under this program, in accordance with section 6006-F.

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 $15,000,000 bond issue to capitalize the School Revolving Renovation Fund and provide loans to school administrative units for renovations, repairs and improvements to public school facilities.

A "NO" vote disapproves the bond issue.

Total estimated life time cost is $19,063,125 representing $15,000,000 in principal and $4,063,125 in interest (assuming interest at 4.93% over 10 years).

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