ME LD506

Authorizes $50,000,000 in general obligation bonds for research and development and commercialization, with bonds not to exceed a 10-year term

Funds go to the Maine Technology Institute through the Department of Economic and Community Development's Office of Innovation, awarded through a competitive process

Targeted sectors include life sciences and biomedical technology, environmental and renewable energy technology, information technology, forestry and agriculture, aquaculture and marine technology, composites and advanced materials, and precision manufacturing

Requires recipients to leverage matching private and federal funds on at least a one-to-one basis

Must be approved by voters in a statewide referendum; bonds not issued within 5 years of ratification are deauthorized