An Act To Protect Union Wharf And Sustain Maine'S Maritime Industries

This bill authorizes the State of Maine to issue up to $4 million in bonds to compensate the Gulf of Maine Research Institute for the loss in value of Union Wharf in Portland Harbor. The funds are designated to pay for an independent real estate appraisal and to restrict the wharf's use to marine-dependent industries such as commercial fishing, aquaculture, and seafood processing, with a requirement that at least 35% of berthing space be reserved for fishing and aquaculture vessels. The legislation includes strict financial controls, such as a ten-year limit on the bonds and a requirement that any unspent money be used to retire other state debt. Crucially, the bill does not take effect unless it is approved by a majority of voters in a statewide referendum held after the bill is passed.