Intent and Content
Prepared by the Office of the Attorney General
This Act would authorize the State to issue general obligation bonds in an amount not to exceed four million five hundred thousand dollars ($4,500,000), to raise funds for construction of a new science center at the Maine Maritime Academy, as described below. 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.
Proceeds from the sale of these bonds would be administered by the Maine Maritime Academy and would be utilized to support construction of a new science building at the Academy’s campus in Castine, Maine. The new building would house classrooms, faculty offices and laboratories. The total project is estimated to cost approximately fourteen million dollars ($14,000,000), and the remaining funds would be raised from private donors or other sources.
If approved, the authorization of these bonds would take effect 30 days after the Governor’s proclamation of the vote.
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A “YES” vote approves the issuance of up to four million five hundred thousand dollars ($4,500,000) in general obligation bonds to help finance the construction project described above.
A “NO” vote disapproves the bond issue in its entirety.