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ME LD691
Bill
AI Summary
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Authorizes a $25,000,000 general obligation bond issue to fund the Small Enterprise Growth Fund, a quasi-state fund operating since 1996
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Directs funds to the Finance Authority of Maine to make direct investments in small, independent Maine companies and support their growth
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Targets financing for rural businesses, early-stage companies, and growth-stage companies, with a strategy to attract high-growth start-ups and equity investors to Maine
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Requires voter approval through a statewide referendum in November following passage, with a simple majority needed for ratification
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Bonds must be issued within 5 years of ratification and cannot exceed a 10-year term; unspent proceeds after 10 years revert to retiring general obligation bonds
Legislative Description
An Act to Authorize a General Fund Bond Issue for Further Investment in Maine-based Businesses
Economic Development
Last Action
CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.
6/25/2025