Miramant bill would make sure bonds approved by voters are issued

AUGUSTA — Legislation introduced by Sen. Dave Miramant, D-Camden, would ensure the issuance of bonds that have been approved by Maine voters. LD 792, “An Act To Amend the Laws Governing the Issuance of Bonds,” received a public hearing Monday, April 1 before the Legislature’s Appropriations and Financial Affairs committee.

“Under the previous administration, bonds approved by both the Legislature and voters were withheld by the whims of one individual: the governor,” said Sen. Miramant. “Our founders expected that we would express and discuss our differences in philosophy, but once the voters accepted or rejected an issue, we would honor the outcome. This process is too important to be filtered through one individual.”

LD 792 would require the governor to issue a general obligation bond that has been ratified by Maine voters, and would require the governor to provide an explanation if he or she chooses to forgo issuing a bond. It also would eliminate the requirement that registered bonds be signed by the governor. The bill applies to all general obligation bonds ratified by voters that are not yet issued, as well as all future general obligation bonds ratified by voters.

The bill faces further action in the committee and votes before the Maine House and Senate.