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ME LD1913
Bill
Status
6/2/2025
Primary Sponsor
Valli Geiger
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AI Summary
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Authorizes Matinicus Isle Plantation municipal officers to issue revenue bonds for repairs to the island's electric power generating facility
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Removes the previous 50% cap on taxation for bond payments, allowing the plantation to raise sufficient funds to cover full principal and interest payments on general obligation bonds
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Eliminates the requirement that bond payment schedules conform to Public Utilities Commission rules and regulations
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Grants authority to set and revise rates, fees, and charges for electric facility services, and to appoint a bonded collector for those payments
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Enacted as emergency legislation, taking effect immediately upon approval (June 9, 2025) to allow replacement of essential power facility components before failure
Legislative Description
An Act to Allow Matinicus Isle Plantation to Issue a Revenue Bond for Urgently Needed Repairs to the Plantation's Electric Power Generating Facility
Municipalities
Last Action
PASSED TO BE ENACTED - Emergency - 2/3 Elected Required, in concurrence.
6/2/2025