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Measure Details

Bond Issue - Wind Energy

Maine Ballot Measure - Question 2

Election: June 8, 2010 (Primary)
Outcome: Passed

Categories:
Higher Education
Government Budget and Spending
Energy

Yes
187,947
(59.22%)

No
129,435
(40.78%)

Summary

    Intent and Content
    Prepared by the Office of the Attorney General

    This Act would authorize the State to issue bonds in an amount not to exceed $26,500,000, for projects 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 of the sale of bonds would be used to upgrade infrastructure and improve energy efficiency at all campuses of the following institutions, up to the following amounts:

    * $9,500,000 for the University of Maine System;
    * $5,000,000 for the Maine Community College System; and
    * $1,000,000 for the Maine Maritime Academy

    The remaining $11,000,000 of the bond proceeds would be placed in the Maine Marine Wind Energy Demonstration Site Fund created by the Legislature to provide funds for research, development and product innovation associated with developing one or more ocean wind energy demonstration sites. Funds could be used to conduct siting studies for offshore wind sites, and to design, develop prototypes for, and test offshore structures, composites and components that could be manufactured in Maine. This Fund would be administered by the University of Maine. It is anticipated that funds from this portion of the bond proceeds would leverage $24,500,000 in additional funds from other sources.

    If approved, the bond authorization would take effect 30 days after the Governor's proclamation of the vote.

    Debt Service
    Prepared by the Office of the Treasurer

    Total estimated life time cost is $33,058,750 representing $26,500,000 in principal and $6,558,750 in interest (assuming interest at 4.5% over 10 years).

    Fiscal Impact Statement
    Prepared by the Office of Fiscal and Program Review

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

    Measure Text

    "Do you favor a $26,500,000 bond issue that will create jobs through investment in an off-shore wind energy demonstration site and related manufacturing to advance Maine's energy independence from imported foreign oil, that will leverage $24,500,000 in federal and other funds and for energy improvements at campuses of the University of Maine System, Maine Community College System and Maine Maritime Academy in order to make facilities more efficient and less costly to operate?"

    A "YES" vote favors authorizing the $26,500,000 bond issue to finance the above activities.

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

    Resources

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