Mainers to decide on $65 million in bonds on Nov. 5

 

Mainers to decide on $65 million in bonds on Nov. 5

by Jim Leonard

AUGUSTA — Bond measures totaling $65 million will be placed on Maine’s Nov. 5 ballot.

Questions 2 through 4 address funding for technology, community infrastructure, and the maintenance of outdoor trails throughout the state. All three of the bond issues were referred to the Nov. 5 ballot by the state Legislature.

A two-thirds majority (66.67%) vote is required during one legislative session for the State Legislature to place a bond issue on the ballot. That amounts to a minimum of 101 votes in the Maine House of Representatives and 24 votes in the Maine Senate, assuming no vacancies. State bond issues require the governor’s signature to be referred to the ballot.

The wording of each bond measure is as follows:

Question 2: Authorize $25 million in general obligation bonds for research, development, and commercialization of for Maine-based public and private institutions in support of technology innovation.

The legislation was introduced as Maine LD 416 in the 2023-2024 legislative session. On April 11, 2024, the measure passed the House. On April 16, 2024, the measure passed the Senate. Gov. Janet Mills signed the measure on April 22, 2024

Question 3: Authorize $10 million in general obligation bonds for the restoration of local community buildings.

The legislation was introduced as Maine LD 912 in the 2023-2024 legislative session. On April 11, the measure passed the House. On April 16, the measure passed the Senate. Gov. Janet Mills (D) signed the measure on April 22, 2024.

Question 4: Authorize $30 million in general obligation bonds for the development and maintenance of outdoor trails.

The legislation was introduced as Maine LD 1156 in the 2023-2024 legislative session. On April 11, 2024, the measure passed the House. On April 16, 2024, the measure passed the Senate by 29-3. Governor Janet Mills (D) signed the measure on April 22, 2024

General obligation bonds are a form of long-term borrowing in which the state issues municipal securities and pledges its full faith and credit to their repayment. Bonds are repaid over many years through semi-annual debt service payments.

A “yes” vote on Question 2 would authorize $25 million in general obligation bonds to the Maine Technology Institute for research, development, and commercialization of Maine-based public and private institutions in support of technological innovation.

Under the measure, the funds must be allocated in the targeted sectors of life sciences and biomedical technology, environmental and renewable energy technology, information technology, advanced technologies for forestry and agriculture, aquaculture and marine technology, composites and advanced materials and precision manufacturing.

According to the fiscal note, the estimated cost of the bond is $30.8 million, with a $25 million in principal and, assuming a 4.25% interest rate over 10 years, $5.84 million in interest.

Voing “yes” on Question 3 would authorize $10 million in general obligation bonds for the restoration of local community buildings owned by governmental or nonprofit organizations, to be matched by 25% from either private or nonprofit sources.[

If approved, Question 4 would authorize $30 million in general obligation bonds to the design, development, and maintenance of outdoor trails, to be matched by at least $3 million in public and private contributions. The bonds will be used for non-motorized, motorized, and multi-use trails, as well as trailheads and trailside amenities. Out of this amount, 25% of the funds must be used for non-motorized trails, 25% must be used for motorized trails, and 50% for multi-use trails.

According to the fiscal note, the estimated cost of the bond is $36.1 million, with a $30 million in principal and, assuming a 3.75% interest rate over 10 years, $6.18 million in interest.

If all three bond issues are approved, a total of approximately $11 million in interest will accrue over the 10-year repayment period.

Since 2007, Mainers have cast vote on 42 bond issues totaling $1.65 billion. Voters approved 41 of those measures. The last bond measure to be rejected was Question 2 in 2012 which would have authorized $11 million in bonds to expand the state’s community college system.

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