Maine Tire Stockpile Bond Act (1996)
From Ballotpedia
Maine Question 5, also known as An Act to Authorize a General Fund Bond Issue in the Amount of $16.5 Million to Investigate, Abate and Clean Up Hazardous Substance Discharges, to Clean Up Tire Stockpiles and to Close and Clean Up Municipal Solid Waste Landfills, was on the November 5, 1996 election ballot in Maine. It passed, with 61.4% of voters in favor.
Text of the proposal
The language that appeared on the ballot:
This Act would authorize the State to issue bonds in an amount not to exceed $16,500,000 to raise funds to investigate, abate and clean up threats to public health and the environment from hazardous substance discharges, to clean up tire stockpiles and to close and clean municipal solid waste landfills. The bonds would run for a period of not longer than 10 years and would be backed by the full faith and credit of the State.
Proceeds of the sale of the bonds would be expended under the direction of the Department of Environmental Protection for the investigation, abatement, clean up and mitigation of threats to public health and the environment from hazardous substance discharges ($2,500,000); the abatement of public health, safety and environmental hazards posed by tire stockpiles, including activities that reduce the number of stockpiled tires in the State ($5,000,000); and the reimbursement for all outstanding municipal solid waste landfill closure and remediation expenses, with any remaining proceeds to be allocated for municipal solid waste landfill site evaluation and planning and a municipal grants program for implementation of new landfill closure and clean-up plans ($9,000,000).
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 $16,500,000 bond issue to investigate, abate and clean up threats to public health and the environment from hazardous substance discharges, to clean up the stockpiles and to close and clean up municipal solid waste landfills.
A "NO" vote disapproves the bond issue.
Total Estimated Debt Service of $21,355,125, of which Principal is $16,500,000, Estimated Interest at 5.35% over 10 years is $4,855,125.
