At this moment I am reading a report I received from the Maine Law Library- a report which was used to create The Maine Economic Development Corporation/ I have researched the Maine Development Foundation Corporation through the statutes but the report brings to light new information about The Maine Capital Corporation- a private investment corporation chartered by the Maine legislature which had the use of tax payer money in the form of offering tax credits for stock. It was chartered along side and contingent to The Maine Development Foundation Corporation.
All of the above being repugnant to the Maine Constitution, which prohibits the chartering of corporations by special acts of legislation with an exception for municipal purposes and if the objects of the corporation cannot be otherwise achieved. (Article Iv Part Third Sections 13 & 14)
Article X.Additional Provisions.
Section 3. Laws now in force continue until repealed. All laws now in force in this State, and not repugnant to this Constitution, shall remain, and be in force, until altered or repealed by the Legislature, or shall expire by their own limitation.
The record that I am reading shows that when originally chartered by special acts of legislation, both the Maine Capital Fund and The Maine Development Foundation had "sunset laws" meaning they would be phased out at a specified date. The Maine Capital Corporation was phased out to become the FAME corporation (Financial Authority of Maine). The Maine Development Foundation Corporation still exists today and has spawned a massive network of state corporations which collectively functions as a channel for redistributing wealth. 5 out of six of the recently passed bonds will be channeled through the system I call Maine State Inc which is intentionally designed, in my opinion, to be non-transparent to the public through the camouflage of fragmentation used to hide the whole system which is designed so that all the parts work together. This is evident in the fact that all the subsidiary corporations of Maine State Inc have names but Maine State Inc has no official name- it poses as the State of Maine but a state is governed by its constitution and the consent of the governed.
The Report- Governor's Task Force For Economic Redevelopment, Recommended Legislation For An Economic Development Program -110th Congress, 1976 - reads like a design for a new system of government.
2, eliminate the requirement for a local referendum on municipal bond issues.
<Noting that I have in the recent post, Missing Most Of The Economy , I referred to Mr Douglas Ray whom the state identifies as a "legislative liaisons" as "tax payer funded lobbyists for the DECD Corporation". Here you see that the architects creating the foundation stone of the corporate state also identify Mr Ray's function as a lobbyist. They just leave out the part that the lobbyist for the Maine Development Corporation is being funded by taxpayers to lobby the legislature in their own interest- or shall we say the interests of "public -private relationships" code for hegemonic power.
From that point forward. the document came across as arrogant, presumptive with intentionally feigned ignorance about the fact that there is a state constitution which is the foundation of the rule of law in Maine.
The report is a design for a new form of government which grants broad powers to "public private relationships" and un-elected boards as it conspires to take the power away from the people. This occurred only eight years since the Home Rule Amendment was added to the Maine State Constitution, which provides local governments with economic development authority within their own municipalities- a completely different political philosophy than the centrally managed economy that is designed in the report justifying the reasons to go against the Maine constitutional prohibition against the legislature chartering corporations by special acts of legislation to create the Maine Development Foundation Corporation.
1969 HOME RULE AMENDMENT provides municipalities with the authority to be agents of economic development. Governor Kenneth M. Curtis
Municipal Home Rule.
Section 1. Power of municipalities to amend their charters. The inhabitants of any municipality shall have the power to alter and amend their charters on all matters, not prohibited by Constitution or general law, which are local and municipal in character. The Legislature shall prescribe the procedure by which the municipality may so act.
Section 2. Construction of buildings for industrial use. For the purposes of fostering, encouraging and assisting the physical location, settlement and resettlement of industrial and manufacturing enterprises within the physical boundaries of any municipality, the registered voters of that municipality may, by majority vote, authorize the issuance of notes or bonds in the name of the municipality for the purpose of purchasing land and interests therein or constructing buildings for industrial use, to be leased or sold by the municipality to any responsible industrial firm or corporation.
I am also reading a second report dated two years later;
REPORT OF THE JOINT STANDING COMMITTEE ON TAXATION ON ITS STUDY OF THE MAINE DEVELOPMENT FOUNDATIONOn the basis of its study, the Committee recommends: that the Maine Capital Corporation and its related tax legislation be subject to legislative review during the same period as the Legislature "sunset" review of ·the Maine Development Foundation; and that the Foundation's statutory purpose of "...promotion of an improved climate for economic development in the State .." be changed to regulate the use of State or other funds available to the Foundation to lobby the Legislature or to advocate to the public a position on initiative and referendum questions.
Today, when reading congressional hearings it is remarkable that most of the testimony comes from taxpayer funded lobbyists for the Maine Corporations's subsidiaries- or private members of the "public-private relationships" club.
Whether and to what extent the Foundation ought to be able to implement the statutory purpose of " ...promotion of an improved climate for economic development in the State ..." (10 MRSA §917, sub-§6), and especially the ex tent to which the Foundation should be permitted to use State funds or any other resources available to it to lobby the Legislature or to publicly or privately promote its position on a major, controversial issue.
The Committee recommends legislation in the first and third areas (a text of the recommended legislation is Appendix 4) :
2. The Committee recommends repeal of the liberal construction clause and revision of the Foundation's purpose clause relating to "creating a climate for economic development." This is to clarify that the Foundation, in creating a climate for economic development, may conduct objective analyses and attempt to develop broad consensus on issues of significance to the economic health of Maine, provided that its activities do not require it to register with the State as a lobbyist employer and that it does not advocate to the public a position on an initiative or referendum question. (emphasis mine)
Investment corporation authorized by.the legislature under 'Title 13-A: MAINE BUSINESS CORPORATION ACT , established in 1971 despite constitutional prohibitions found in Article IV part Third Section 14 prohibiting the legislature from chartering corporations for state purposes. Title 13-A is now repealed as was planned under the sunset laws- but it has been reincarnated throughout the network of Maine State Inc.
The original enabling legislation for the Maine Capital Corporation was passed in l977- the same year that the Maine Development Foundation Corporation was also chartered by special act of legislation.. It was later amended to broaden the purpose of the Corporation and clarify its ability to use a wide range of investment instruments.
The organizational phase of MCC extended long period of time, primarily due to the challenge of selling its 10,000 shares of common stock ($1,000,000) to private investors. MCC has never received a direct State appropriation and this meant it had·to find other means for covering its organizational expenses. The stock issue was marketed by the firm of Burgcss & Leith Incorporated for the modest commission of $20,000 plus $5000 expense fee. Burgcss & Leith was assisted by the Maine Development Foundation, (Corporation)which was not compensated for its efforts.
Tax factors related to MCC were detailed on pp. 34-35 of the Offering Memorandum (see Appendix I). The major provision that would affect State.tax revenues was the Maine income tax credit of·fifty percent spread over a minimum of five years, available to investors in MCC's stock. We have no knowledge of which investors have availed themselves of this credit and to what degree. We do know it ls instrumental in mobilizing tho capital, .as intended by the legislature
This tax credit is capped by a number of features, all included in the legislation. At a maximum it would be $500,000 spread out over at least five (5) years. As MCC makes more investments, with positive economic consequences, tax benefits to the State will accrue which sooner or later will surpass the costs.- Source Governor's Task Force For Economic Redevelopment, Recommended Legislation For An Economic Development Program -110th Congress, 1976