Skip to main content

Fiscal Information Required by Maine Constitution to Accompany Bond Questions

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?

See Also  

Maine Legislature's Intentional Lack of Transparency Meets the Gruber Model

LEGISLATING A RUN AROUND THE MAINE CONSTITUTION



Comments

Popular posts from this blog

Communism and State Ownership of Intellectual Property

Tweet This: http://goo.gl/BcA6ru Government As a Secret Society The response to my informal suggestion that public accessibility to government could be improved by making information available in a searchable data base ( see previous post) subjectively confirmed that the  functioning power elite of Maine's economic development programs and policies are both intentional in instituting a political ideology that supersedes the will of the people, as expressed in the Maine State Constitution, and deceptive towards the general public. 1.Information made available on an agency website but not in a searchable database format may not provide the research and investigative tool needed by the public. The Freedom of Access Act does not require that public information be posted online in any particular format, just that public records be made available. While there is a strong argument for increasing the accessibility and usefulness of information, there is no current requ

An Incomplete Theory of Inflation Made to Order for Mass Consumption.

M oney is not what it used to be, so must our ways of thinking about it adapt. jaakko-kemppainen-unsplash The message treads across the media terrain, beating louder and louder as if to drown out the beat of the distant drummer. W arning! The only thing the stimulus will stimulate is inflation. The people will pay as the wealthy elite invests their windfalls in financial assets. Doom and gloom set to march across the land to the beat of the distribution of stimulus funds. In recent years as past predictions of fiscal disaster following stimulus spending failed to materialize and so the thinking about national debt and deficits has evolved, most noticeably with the development of  Modern Monetary Theory . In the   fall of 2020,  National Affairs  published a story,  Does the Debt Matter ? by Peter Wehner & Ian Tufts. Peter Wehner is vice president and senior fellow at the Ethics and Public Policy Center and served in the last three Republican administrations. Ian Tufts is a recent g

Its Not the Economy, Its the Culture!

Trump has brought into focus a long brewing social crisis SELECTED FOR THE BEST OF TREMR darren-deloach-unsplash I was a Republican, until the 2016 convention when a petition gathered enough signatures to let delegates vote their conscience, and was promptly dismissed by a voice vote.  That was when I first became aware that the Republican party was afraid, intimidated and dominated by the Trump base. I felt the party took the traditional base of the party, which included myself, for granted, as if we were party players, guaranteed to support the party, unquestionably, no matter where it went. Deeply ro o ted party obedience has been established. Many whom I once respected and are no longer recognizable. Those of us who did not follow the leaders no longer have a place in the Republican party and have largely become Independents. I voted straight blue in the last election, but consider myself Independent. There is no reason to believe that either one party or the other will continue to