This Act would authorize the State to issue bonds in an amount not to exceed $5,000,000 to raise funds to be used for a community-based teaching dental clinic and to create or upgrade community-based health and dental clinics across the State to increase their capacity as teaching and dental clinics. The bonds would run for a period not longer than 10 years from the date of issue and would be backed by the full faith and credit of the State. The bonds may not be issued before July 1, 2011.

Proceeds of the sale of the bonds are to be awarded on a competitive basis and would be expended under the direction and supervision of the Department of Health and Human Services as follows:

* $3,500,000 must be expended for a community-based teaching clinic affiliated with or operated by a college of dental medicine and must be matched with $3,500,000 in other funds.

* $1,500,000 must be expended to create or upgrade community-based health and dental care clinics across the State to increase their capacity as teaching and dental clinics.

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 the $5,000,000 bond issue to finance all of the activities.

A "NO" vote disapproves the bond issue in its entirety.

Total estimated life time cost is $6,237,500 representing $5,000,000 in principal and $1,237,500 in interest (assuming interest at 4.5% over 10 years).

This bond issue has no significant fiscal impact other than the debt service costs identified above.