BOND WOULD INVEST IN R&D IN UNIVERSITY SYSTEM

Bond targets job-creating innovation

AUGUSTA – A $20 million bond to support research and development in the University of Maine System received a public hearing in the state’s Appropriations Committee today.

Sen. Justin Alfond of Portland

“Investments in research and development sends a critical signal to businesses. R&D benefits our entire state–the private sector, higher education institutions and government,” said Senate Democratic Leader Justin Alfond of Portland, the sponsor of the measure. “These investments support hundreds of jobs across the state and drive innovation here in Maine.”

Maine’s technology-intensive sectors include composites, forest bio-products, software, precision manufacturing, agriculture, biotechnology and environmental technologies. This bill proposes a $20 million bond for strategic investment in research and development in the University of Maine System.

Recently, the University of Maine System Board of Trustees approved strategic outcomes for the System, and these include specific targets for research and economic development. The Board of Trustees has agreed to invest System funds for the Research Reinvestment Initiative, and bond funds would be an important source to support critical facilities and equipment for R&D projects that are directly aligned with Maine’s economy, leverage additional external funds from Fed and industrial sources, is focused on commercialization, and includes multiple campuses.

The Appropriations Committee will be holding a work session on the bill, LD 931, “An Act To Authorize a General Fund Bond Issue for Research and Development for the University of Maine System,” in the coming weeks. If approved, the bond measure will go to the voters of Maine for their approval.

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