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LD 1913

An Act To Allow Matinicus Isle Plantation To Issue A Revenue Bond For Urgently Needed Repairs To The Plantation'S Electric Power Generating Facility

132nd Legislature (2025-2026) Introduced by Valli Geiger and 1 co-sponsor

Authorizes Matinicus Isle Plantation to issue a revenue bond to fund urgent repairs to its electric generating facility, restoring island power without state debt.

Signed by Governor
#bondingauthority #matinicusisle #municipalities
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Bill Summary · LD 1913

Summary — LD 1913

An Act to Allow Matinicus Isle Plantation To Issue a Revenue Bond For Urgently Needed Repairs To The Plantation's Electric Power Generating Facility

Purpose and intent

LD 1913 authorizes Matinicus Isle Plantation (a municipal entity) to issue a revenue bond to finance urgent repairs to the island’s electric power generating facility. The bill’s intent is to provide the plantation with a statutory mechanism to raise capital needed immediately to restore or maintain essential electricity service for the community.

Key provisions

  • Grants Matinicus Isle Plantation the authority to issue a revenue bond specifically for urgently needed repairs to its electric generating facility.
  • The bond is a revenue bond: repayment is intended to come from the facility’s revenues (or other designated local revenues) rather than from state general obligation debt.
  • No state guaranty or state-backed debt is created by the bill (supported by the fiscal notes indicating no state fiscal impact).

Note: The enrolled bill was amended by Committee Amendment “A” (H-280) before final passage; the adopted amendment was part of the version enacted.

Who is affected

  • Primary: Matinicus Isle Plantation (local government), its electric utility operations, and island residents and businesses that rely on the generating facility.
  • Secondary: Bond purchasers/investors and contractors or vendors engaged to perform the repairs.
  • The State: No direct fiscal exposure or obligation, per the fiscal notes.

Fiscal impact

  • Fiscal Notes (approved 5/16/25 and 5/28/25) state: No state fiscal impact. The bond is structured as a revenue bond, so debt service would be the plantation’s responsibility and not charged to the State’s general fund.

Procedural and timeline highlights

  • Introduced: May 6, 2025.
  • Committee: Energy, Utilities and Technology — recommended OTP‑AM; Committee Amendment A (H‑280) adopted.
  • Passed to be enacted as an emergency measure (requiring two‑thirds vote).
  • Legislature actions: Passed to be enacted (concurrence, emergency) May 27–29, 2025.
  • Signed by the Governor: June 9, 2025.
  • Because it was enacted as an emergency measure, the law took effect immediately upon enactment/signature.

Practical effect

The law enables Matinicus Isle Plantation to access capital markets through a revenue bond issuance to fund time‑sensitive repairs to its generating plant, with the goal of restoring or securing reliable electric service for the island community without creating state liability.

Compiled from official sources — confirm details with the bill’s official record.

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