Maine State Guaranteed Loans for Industrial Purposes, Proposed Constitutional Amendment No. 1 (1957)
The Maine State Guaranteed Loans for Industrial Purposes Referendum, also known as Proposed Constitutional Amendment No. 1, was on the September 9, 1957 ballot in Maine as a legislatively referred constitutional amendment, where it was approved. The measure allowed for the use of state credit to provide a $20 million issue for guaranteed loans for industrial purposes. Prior to this amendment, the credit of the state was not to be directly or indirectly loaned in any case.[1][2]
Aftermath
The amount available to issue for these bonds was increased by an additional $20 million by a legislatively referred constitutional amendment in 1968, bringing the total amount to $40 million. In 1965, another legislatively referred constitutional amendment extended these loans for industrial purposes to personal property. These loans were later extended beyond just industrial purposes to include agriculture and fisheries in 1967. The amount of money available for these loans was increased again in 1968 from $40 million to $80 million.
The state insurance limit for loans for recreational, industrial, manufacturing, fishing and agricultural enterprises was combined in 1978 to a total limit of $90 million.[3][4]
Election results
| Maine Proposed Constitutional Amendment No. 1 (1957) | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
 Yes | 66,427 | 68.36% | ||
| No | 30,750 | 31.64% | ||
Election results via: Maine State Law and Legislative Reference Library, Proposed Constitutional Amendments 1820-
Text of measure
The language appeared on the ballot as:[2]
| “ |
"Shall the Constitution which now 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 the State and Providing a Twenty Million Dollar Bond Issue for Guaranteed Loans for Industrial Purposes?" [5] |
” |
Similar measures
- Maine Municipal Industrial Buildings Bonds, Proposed Constitutional Amendment No. 2 (1961)
- Maine Municipal Industrial Buildings Bonds, Proposed Constitutional Amendment No. 2 (1962)
- Maine State Guaranteed Loans for Industrial Purposes Increase, Proposed Constitutional Amendment No. 9 (1964)
- Maine State Guaranteed Loans on Personal Property for Industrial Purposes, Proposed Constitutional Amendment No. 2 (1965)
- Maine State Guaranteed Industrial Loans for Fisheries and Agriculture, Proposed Constitutional Amendment No. 6 (1967)
- Maine State Guaranteed Loans for Industry, Fisheries and Agriculture Increase, Proposed Constitutional Amendment (1968)
- Maine Limits on State Guaranteed Loans, Proposed Constitutional Amendment No. 3 (1978)
See also
- Maine 1957 ballot measures
- 1957 ballot measures
- List of Maine ballot measures
- History of Initiative & Referendum in Maine
External links
- Lewiston Evening Journal, "Specimen Ballot," September 6, 1957
- Maine State Law and Legislative Reference Library, Proposed Constitutional Amendments 1820-
- National Conference of State Legislatures, State Ballot Measures Database
Footnotes
- ↑ Maine State Law and Legislative Reference Library, "Proposed Constitutional Amendments 1820-," accessed April 8, 2014
- ↑ 2.0 2.1 Lewiston Evening Journal, "Specimen Ballot," September 6, 1957
- ↑ Bangor Daily News, "State of Maine General Election November 7, 1978: Important Notice to All Voters of the State of Maine," October 31, 1978
- ↑ Constitutional Resolutions of the State of Maine As Passed at the First Regular Session of the One Hundred and Eighth Legislature, "Chapter 3," accessed April 21, 2014
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
| |||||
 |
State of Maine Augusta (capital) |
|---|---|
| Elections |
What's on my ballot? | Elections in 2025 | How to vote | How to run for office | Ballot measures |
| Government |
Who represents me? | U.S. President | U.S. Congress | Federal courts | State executives | State legislature | State and local courts | Counties | Cities | School districts | Public policy |
