Proposal would ask Maine voters to fund university infrastructure bonds

The State Treasurer, under the Governor’s direction, would be allowed to issue up to $100 million in state bonds. The bonds would fund infrastructure projects at all University of Maine System campuses. Bond proceeds would have to be matched with private and other funds. Projects would have to fit the universities’ capital plans and the system’s and state’s strategic plans. Projects would need approval consistent with University of Maine System Board of Trustees policies. The bonds would be backed by the State of Maine and could run for no more than 10 years. This authorization would take effect only if Maine voters ratified the bond issue.

The University of Maine System would use bond proceeds for major campus infrastructure work and related project costs. Eligible work could include renovating, replacing, or removing classrooms, residence halls, research laboratories, and other essential infrastructure across the system. Projects would be intended to support education, research, economic development, student success, and lower costs from unused space, operations, maintenance, and energy use. Any unused bond balance after project completion would go toward retiring state general obligation bonds. Bonds not issued within the allowed period could be canceled, subject to a possible legislative extension. Voters would consider the issue at a statewide election in the November after passage; approved bonds could be issued for five years after ratification, with a possible extension of up to five additional years.