An Act To Authorize A General Fund Bond Issue To Provide A New Dormitory Facility At The Maine School Of Science And Mathematics

This bill authorizes the State of Maine to issue up to $3 million in bonds to fund a new dormitory facility at the Maine School of Science and Mathematics. The legislation requires that the bond issue be approved by voters in a statewide referendum held in November following the bill's passage. If approved, the state treasurer will sell the bonds, and the resulting funds must be used exclusively for the construction of the dormitory. Any money remaining after the project is completed will be returned to the state treasury to pay off other general obligation bonds. The bill also includes provisions for tracking the bonds, paying interest, and setting a five-year deadline for issuing the bonds after voter approval.