TWEET THIS: http://goo.gl/H6bdsd
Continuing my investigation into the constitutional bond ratification process : This looks like the fiscal information which is constitutionally required to accompany the bond questions . This information is found on the Maine Treasurer's report to the Maine legislature.
Treasurer Douglass's February 12, 2014 Bond Update to MaineLegislature:
Honorable Members of the 126th Maine Legislature:
Update on General Obligation Bonds: $52M funded to date; $84M total expected in FY2014; $78M requested in Q1 FY 2015
excerpt:
Here are some additional facts about Maine General Obligation Bonds:
• Maine GO bonds are traditionally structured to mature in 10 years,
with two payments per year after the initial borrowing.
• AU bonds expire after 5 years if not issued, but may be reauthorized
for 2 years by the Legislature.*
• GO bonds are issued by the State Treasurer with the full faith and
credit of the State.
• The State Treasurer has constitutional power to pay debt first out of
revenues.*
• Maine’s Constitution prohibits using bonds to pay for current
operations.*
Constitutional provisions are from Art V, Pt 3, Sec 5 and Art IX, Sec 14.
This paragraph plus the statement at the top of the report looks like the information that constitution requires to accompany the bond questions. Clearly it would not be difficult to include these short paragraphs on the ballot - the simplest and most accessible way to comply with the Maine Constitution
In June 2013, Maine had $104.5 million in outstanding Authorized but Unissued Bonds. In November 2013, voters ratified $150 million in additional bonds. The total Authorized but Unissued Bonds now amount
to $254.5 million. Treasurer's Bond Update to legislature
Article IX.General Provisions.
Section 14. Authority and procedure for issuance of bonds.
Whenever ratification by the electors is essential to the validity of bonds to be issued on behalf of the State, the question submitted to the electors shall be accompanied by a statement setting forth the total amount of bonds of the State outstanding and unpaid, the total amount of bonds of the State authorized and unissued, and the total amount of bonds of the State contemplated to be issued if the enactment submitted to the electors be ratified.
a statement setting forth the total amount of bonds of the State outstanding and unpaid
In June 2013, Maine had $104.5 million in outstanding Authorized but Unissued Bonds.
the total amount of bonds of the State authorized and unissued,
The total Authorized but Unissued Bonds now ( Feb 12, 2014) amount to $254.5 million.
and the total amount of bonds of the State contemplated to be issued if the enactment submitted to the electors be ratified.
$84M total expected in FY2014; $78M requested in Q1 FY 2015 (see top of report-also this page)
These two paragraphs could almost fit in a tweet- why was it necessary to pass a new statute deeming them to be placed anywhere out side of the voting area?
And am I reading correctly that between June and November of 2013- the bond debt went up 150%? Could this have anything to do with the passing of the "Expanded and Improved Seed Capital Tax Credit" in the fall of 2013 which multiplies the rate at which the legislature can transfer taxpayer money to capitalists by eight-fold- a minor fact not reported in he media?
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