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Maine Business Investment, Loans, and Infrastructure and Biomedical Research Bond Issue (2018)
| Maine Business Investment, Loans, and Infrastructure and Biomedical Research Bond Issue | |
|---|---|
 | |
| Election date November 6, 2018 | |
| Topic Bond issues and Economic development | |
| Status Not on the ballot | |
| Type Bond issue | Origin State Legislature |
The Maine Business Investment, Loans, and Infrastructure and Biomedical Research Bond Issue was not put on the ballot in Maine as a legislatively referred bond question on November 6, 2018.
The measure would have issued $55 million in bonds for business investment, loans, and infrastructure and biomedical research. The bond would have been divided as follows:[1]
- (a) $30 million for the creation of the Baxter Innovation Challenge Fund (BICF). BICF would have focused on addressing challenges that traditional Maine industries confront. BICF would also have draw on other funds to utilize and repurpose existing infrastructure to encourage business growth.
- (b) $10 million for the establishment of and participation in an equity capital fund, named the Chamberlain Fund. The Chamberlain Fund would have provided investment in Maine businesses with, according to the measure, "strong potential for job growth and return on investment."
- (c) $10 million for the Finance Authority of Maine to increase its maximum direct business loan limit.
- (d) $5 million for institutions specializing in tissue repair and regeneration to develop and repurpose labs and equipment. The $5 million would have also be used to draw an additional $5 million in public and private grants.
Text of measure
Ballot title
The ballot title was as follows:[1]
| “ | Do you favor a $55,000,000 bond issue to further accelerate growth and capital investment in Maine businesses by leveraging private investment for the purpose of generating new revenue and providing new jobs?[2] | ” |
Full text
The full text of the measure was as follows:[1]
Preamble. Two thirds of both Houses of the Legislature deeming it necessary in accordance with the Constitution of Maine, Article IX, Section 14 to authorize the issuance of bonds on behalf of the State of Maine to provide funds as described in this Act, Be it enacted by the People of the State of Maine as follows: Sec. 1. Authorization of bonds. The Treasurer of State is authorized, under the direction of the Governor, to issue bonds in the name and on behalf of the State in an amount not exceeding $55,000,000 for the purposes described in section 5 of this Act. The bonds are a pledge of the full faith and credit of the State. The bonds may not run for a period longer than 10 years from the date of the original issue of the bonds. Sec. 2. Records of bonds issued; Treasurer of State. The Treasurer of State shall ensure that an account of each bond is kept showing the number of the bond, the name of the successful bidder to whom sold, the amount received for the bond, the date of sale and the date when payable. Sec. 3. Sale; how negotiated; proceeds appropriated. The Treasurer of State may negotiate the sale of the bonds by direction of the Governor, but no bond may be loaned, pledged or hypothecated on behalf of the State. The proceeds of the sale of the bonds, which must be held by the Treasurer of State and paid by the Treasurer of State upon warrants drawn by the State Controller, are appropriated solely for the purposes set forth in this Act. Any unencumbered balances remaining at the completion of the project in this Act lapse to the Office of the Treasurer of State to be used for the retirement of general obligation bonds. Sec. 4. Interest and debt retirement. The Treasurer of State shall pay interest due or accruing on any bonds issued under this Act and all sums coming due for payment of bonds at maturity. Sec. 5. Disbursement of bond proceeds from General Fund bond issue. The proceeds of the sale of the bonds authorized under this Act must be expended as designated in the following schedule under the direction and supervision of the agencies and entities set forth in this section. SMALL ENTERPRISE GROWT FUND
FINANCE AUTHORITY OF MAINE
ECONOMIC AND COMMUNITY DEVELOPMENT, DEPARTMENT OF
Sec. 6. Contingent upon ratification of bond issue. Sections 1 to 5 do not become effective unless the people of the State ratify the issuance of the bonds as set forth in this Act. Sec. 7. Appropriation balances at year-end. At the end of each fiscal year, all unencumbered appropriation balances representing state money carry forward. Bond proceeds that have not been expended within 10 years after the date of the sale of the bonds lapse to the Office of the Treasurer of State to be used for the retirement of general obligation bonds. Sec. 8. Bonds authorized but not issued. Any bonds authorized but not issued within 5 years of ratification of this Act are deauthorized and may not be issued, except that the Legislature may, within 2 years after the expiration of that 5-year period, extend the period for issuing any remaining unissued bonds for an additional amount of time not to exceed 5 years. Sec. 9. Referendum for ratification; submission at election; form of question; effective date. This Act must be submitted to the legal voters of the State at a statewide election held in November of 2017. The municipal officers of this State shall notify the inhabitants of their respective cities, towns and plantations to meet, in the manner prescribed by law for holding a statewide election, to vote on the acceptance or rejection of this Act by voting on the following question:
The legal voters of each city, town and plantation shall vote by ballot on this question and designate their choice by a cross or check mark placed within a corresponding square below the word "Yes" or "No." The ballots must be received, sorted, counted and declared in open ward, town and plantation meetings and returns made to the Secretary of State in the same manner as votes for members of the Legislature. The Governor shall review the returns. If a majority of the legal votes are cast in favor of this Act, the Governor shall proclaim the result without delay and this Act becomes effective 30 days after the date of the proclamation. The Secretary of State shall prepare and furnish to each city, town and plantation all ballots, returns and copies of this Act necessary to carry out the purposes of this referendum. |
Background
- See also: Bond issues on the ballot
The following table contains information on the 33 bond issues that appeared on the ballot in Maine between 2007 and 2017:
| Year | Measure | Amount | Primary purpose | Outcome |
|---|---|---|---|---|
| 2007 (June) | Question 1 | $112,975,000 | Transportation projects |  |
| 2007 (June) | Question 2 | $18,300,000 | Water facilities | |
| 2007 | Question 2 | $55,000,000 | Economic development | |
| 2007 | Question 3 | $43,500,000 | Higher education | |
| 2007 | Question 4 | $35,500,000 | Environmental conservation and recreation | |
| 2008 (June) | Question 1 | $29,725,000 | Water facilities and transportation projects | |
| 2008 | Question 3 | $3,400,000 | Water facilities | |
| 2009 | Question 6 | $71,250,000 | Transportation projects | |
| 2010 (June) | Question 2 | $26,500,000 | Energy projects and higher education | |
| 2010 (June) | Question 3 | $47,800,000 | Transportation projects | |
| 2010 (June) | Question 4 | $23,750,000 | Economic development | |
| 2010 (June) | Question 5 | $10,250,000 | Water facilities | |
| 2010 | Question 2 | $5,000,000 | Healthcare services | |
| 2010 | Question 3 | $9,750,000 | Environmental conservation and recreation | |
| 2012 | Question 2 | $11,300,000 | Higher education |  |
| 2012 | Question 3 | $5,000,000 | Environmental conservation and recreation | |
| 2012 | Question 4 | $51,500,000 | Transportation projects | |
| 2012 | Question 5 | $7,925,000 | Water facilities | |
| 2013 | Question 1 | $14,000,000 | Military facilities | |
| 2013 | Question 2 | $15,500,000 | Higher education | |
| 2013 | Question 3 | $100,000,000 | Transportation projects | |
| 2013 | Question 4 | $4,500,000 | Higher education | |
| 2013 | Question 5 | $15,500,000 | Higher education | |
| 2014 | Question 2 | $8,000,000 | Agricultural research | |
| 2014 | Question 3 | $12,000,000 | Economic development | |
| 2014 | Question 4 | $10,000,000 | Healthcare research | |
| 2014 | Question 5 | $3,000,000 | Healthcare research | |
| 2014 | Question 6 | $10,000,000 | Water facilities and environmental conservation | |
| 2014 | Question 7 | $7,000,000 | Economic development | |
| 2015 | Question 2 | $15,000,000 | Housing projects | |
| 2015 | Question 3 | $85,000,000 | Transportation projects | |
| 2016 | Question 6 | $100,000,000 | Transportation projects | |
| 2017 | Question 1 | $105,000,000 | Economic development | |
Path to the ballot
- See also: Legislatively-referred state statute
Section 14 of Article IX of the Maine Constitution requires that state bonds exceeding $2 million be referred to the ballot for voter approval. A two-thirds vote in both chambers of the Maine Legislature is required to put bond issues before voters.
The bond issue was introduced into the Maine State Legislature as Legislative Document 1613. On August 2, 2017, the state House voted to carry the bill over to the 2018 legislative session. The bill was not approved during the 2018 legislative session.[3]
See also
- Maine 2018 ballot measures
- List of Maine ballot measures
- 2018 ballot measures
- Bond issues on the ballot
- Economic development on the ballot
External links
- Maine LD 1613 (without amendments)
Footnotes
- ↑ 1.0 1.1 1.2 Maine State Legislature, "Legislative Document 1613," accessed August 2, 2017
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ Maine Legislature, "LD 1613 Actions," accessed August 2, 2017
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