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Maine Technology Sector Economic Development, Question 2 (2007)
The Maine Technology Sector Economic Development Bond Issue, also known as Question 2, was on the November 6, 2007 ballot in Maine as a legislatively-referred bond question, where it was approved. The measure issued $55 million in bonds to encourage economic development and job creation. Of the total, $5 million was to provide for loans and grants, and the remaining $50 million was for research, development and commercialization funds for targeted technology sectors, awarded through a competitive process administered by the Maine Technology Institute.
|Maine Question 2 (2007)|
Text of measure
The language appeared on the ballot as:
Do you favor a bond issue to stimulate economic development and job creation that would provide $5,000,000 in loans and grant funds and would provide $50,000,000 in research, development and commercialization funds for targeted technology sectors, awarded after a competitive process administered by the Maine Technology Institute, and will leverage at least $50,000,000 in other funds? 
The following description of the intent and content of this ballot 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 $55,000,000 to raise funds for purposes of economic 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 would be expended as follows:
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 the $55,000,000 bond issue to finance all of the above activities.
A “NO” voter disapproves the bond issue in its entirety. 
The following description of the debt service of this ballot measure was provided in the Maine Citizen's Guide to the Referendum Election:
Total estimated life time cost is $71,637,500.00 representing $55,000,000.00 in principal and $16,637,500.00 in interest (assuming interest at 5.5% over 10 years). 
The following fiscal impact statement was provided in the Maine Citizen's Guide to the Referendum Election:
This bond issue has no significant fiscal impact other than the debt service costs identified above. 
—Office of Fiscal and Program Review, 
Path to the ballot
Question 2 originated in Part D of Chapter 39 of the Public Laws of 2007, which was approved on April 10, 2007.
- Maine 2007 ballot measures
- 2007 ballot measures
- List of Maine ballot measures
- History of Initiative & Referendum in Maine
- Maine Citizen's Guide to the Referendum Election, Tuesday, Nnovember 6, 2007 from Maine Secretary of State
- Referendum Election Tabulations, November 6, 2007 from Maine Secretary of State
- Maine Secretary of State, Division of Elections, "Maine Citizen's Guide to the Referendum Election, Tuesday, November 6, 2007," accessed May 8, 2014
- Maine Secretary of State, Elections Division, "Referendum Election Tabulations, November 6, 2007," accessed May 8, 2014
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
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