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 fourteen million dollars ($14,000,000), to raise funds for Maine Army National Guard facilities 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 Department of Defense, Veterans and Emergency Management for the following purposes:
$11,000,000 to provide the State’s share of costs for maintenance and repair projects, capital improvements, and modernization and energy efficiency improvement projects at Maine Army National Guard readiness centers (armories) and support facilities across the state. These funds are expected to leverage up to $14,000,000 in federal funds in fiscal years 2015-2019.
$3,000,000 to purchase up to 6,000 acres of land to be used for training purposes by the Maine Army National Guard, and for facilities related to training. Federal funds cannot be used to acquire land for training, but federal funds may be used for operation and maintenance costs after acquisition.
If approved, the authorization of these bonds would take effect 30 days after the Governor’s proclamation of the vote.
A “YES” vote approves the issuance of up to fourteen million dollars ($14,000,000) in general obligation bonds to finance the activities described above.
A “NO” vote disapproves the bond issue in its entirety.