Proposal would ask voters to fund Maine agriculture with bonds

The State Treasurer, under the Governor’s direction, would be allowed to issue up to $45 million in state bonds. The bonds would support Maine’s agricultural, food, and forest products economy, including infrastructure, dairy, farmland protection, and farmer disaster relief. Voters would have to approve the bond issue before this authorization could take effect. The bonds would be backed by the State of Maine and could run for no more than 10 years from their original issue date. The proposal would go to voters at the November statewide election following passage, and would take effect 30 days after the Governor proclaimed approval.

Bond proceeds would be distributed among agricultural and forest products investments, dairy support, farmer disaster relief, and working farmland programs. The Maine Agriculture, Food System and Forest Products Infrastructure Investment Advisory Board would receive $35 million, with two-thirds for agricultural products and food producers and processors and one-third for forest products producers and processors; other allocations would provide $5 million for dairy, $2.5 million for farmer disaster relief, and $2.5 million for working farmland. The money could be spent only for the purposes listed in the bill and under the direction of the named agencies and entities. Unspent proceeds remaining 10 years after the bonds are sold would be transferred for retiring general obligation bonds. Bonds authorized but not issued within five years after ratification would be canceled, unless the Legislature extends the issuance period within the following two years for up to five more years. The allocations would be available only from bonds that are sold after voter ratification; unused proceeds would lapse 10 years after the sale date.