LD 1504
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LD 1504 Title Page An Act to Authorize Department of Transportation Bond Issues in the Amount of $... Page 2 of 2
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LR 2438
Item 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 to match available
federal funds for improvements to highways and bridges, airports
and ferry facilities; development of rail, trail and marine
infrastructure; and improvements to intermodal facilities
statewide.

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. Authorization of bonds to provide for improvements to highways and bridges,
airports, public transit and ferry facilities; development of rail, trail and marine
infrastructure; and improvements to intermodal facilities statewide. 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 $61,000,000 to raise funds to match available
federal funds for improvements to highways and bridges, airports,
public transit and ferry facilities; development of rail, trail
and marine infrastructure; and improvements to intermodal
facilities statewide as authorized by section 6. 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. At the discretion of the Treasurer
of State, with the approval of the Governor, any issuance of
bonds may contain a call feature.

 
Sec. 2. Records of bonds issued to be kept by the Treasurer of State. The
Treasurer of State shall keep an account of each bond 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 section 6
lapse to the debt service account established for the retirement
of these 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. The proceeds of the bonds must
be expended as set out in section 6 under the direction and
supervision of the Commissioner of Transportation.


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