An Act To Authorize A General Fund Bond Issue For The Maintenance, Preservation And Promotion Of State Historic Sites

132nd Legislature (2025-2026) Introduced by Lydia Crafts and 9 co-sponsors

LD 762 seeks $18M General Fund bonds to maintain, preserve, and promote Maine state historic sites; funded by voter-approved Nov 2025 referendum; total cost about $22.95M.

Died in Possession of the Committee Upon Conclusion of the 132nd Legislature and PLACED IN THE LEGISLATIVE FILES (DEAD).

#bondissues #historicpreservation #sitemaintenanceandpreservation

LD 762 — An Act To Authorize A General Fund Bond Issue For the Maintenance, Preservation And Promotion Of State Historic Sites

Overview

LD 762 proposes authorizing a general fund bond issue to support the maintenance, preservation, and promotion of Maine’s state historic sites. The bill has carried over to the next session and is being considered by the Appropriations and Financial Affairs Committee. It would require voter approval via a statewide referendum in November 2025.

Purpose and Intent

To provide a dedicated funding source for ongoing care and enhancement of state historic sites, including maintenance, preservation efforts, and promotional activities.

To address capital maintenance needs and related promotional work to sustain historic sites as public resources and tourist/educational assets.

Key Provisions

Bond authorization: $18,000,000 principal in General Fund bonds, designated as non-taxable.

Estimated cost of borrowing: Interest estimated at $4,950,000, for a total estimated cost of $22,950,000.

Election and referendum: The bond issue would appear on the November 2025 general election ballot. The ballot type is “General” with a standard length. If a second ballot is required, an additional appropriation of up to $341,000 may be needed for referendum production.

Term and rate: The fiscal note uses a 5.0% interest rate for planning purposes. The preliminary document does not specify the bond term (years) in the provided materials.

Fiscal note status: Approved February 26, 2025. Labeled as a Preliminary Fiscal Impact Statement.

Financial Impacts

General Fund exposure: Bond principal of $18 million plus approximately $4.95 million in interest, totaling about $22.95 million over the life of the bonds.

Source of repayment: General Fund (non-taxable bonds). Debt service would be funded through the state’s General Fund, subject to future appropriation and budgeting processes.

Referendum costs: Potential additional $341,000 if a second ballot is required.

Timeline and Procedural Status

Introduced: February 25, 2025.

Referenced to Appropriations and Financial Affairs: February 25, 2025.

Carryover actions: Carried over approved on June 25, 2025; previously carried over in March 2025 and again on June 25, 2025, to continue in the 132nd Legislature.

Next step if enacted: The bond would proceed only upon voter approval in the November 2025 general election, with debt service scheduled in subsequent fiscal years according to the bond terms.

Affected Parties and Impacts

State government and the agencies overseeing historic sites will administer and implement maintenance, preservation, and promotional activities funded by the bond.

Maine taxpayers and General Fund budget managers, who would ultimately service the debt through annual appropriations.

Historic sites and related programs stand to benefit from capital improvements and enhanced public engagement.

Note

Details on the specific uses of the bond proceeds (e.g., individual site projects) and the exact bond term are not provided in the available documents. Confirmation would come through the final enacted bill text and the voter-approved bond issuance plan.