Maine voters would decide whether to fund housing and child care projects

The Treasurer of State could issue up to $300 million in bonds under the Governor’s direction. The bonds would be issued for the State of Maine and backed by its full faith and credit. Voters would have to approve the bond issue before this authorization could take effect. Each bond could run for no more than 10 years from its original issue date. Bonds not issued within five years after voter approval would be canceled, unless the Legislature extended the deadline.

Bond proceeds would go to the housing, child care, and public water and sewer uses listed in the bill. The uses include affordable housing tax credits and housing programs for rural renters and first-time buyers, child care partnerships for children up to age four, and public water and sewer expansion in areas zoned for homes. Child care partnerships would need to match the bond funding dollar for dollar. Water and sewer projects would need a local match equal to half their cost. Bond proceeds left unspent 10 years after the bonds are sold would go toward paying off the state’s general obligation bonds.

The bill would ask Maine voters to approve or reject the bond issue. Legal voters across Maine would vote Yes or No on the $300 million bond issue and its listed uses. The bond authorization and related provisions would take effect only if a majority of voters approved the measure. The bill would take effect 30 days after the Governor proclaimed voter approval.