Bill
LD 362
Authorizes a $50 million General Fund bond to replenish Land for Maine's Future funding; repaid with interest, subject to statewide voter approval in Nov 2025.
LD 362 Summary
An Act To Authorize A General Fund Bond Issue To Replenish The Land For Maine's Future Program
Overview
- Purpose: To authorize a General Fund bond issue to replenish funding for the Land for Maine's Future (LMF) Program, a public lands/conservation program in Maine.
- Introduced: January 30, 2025
- Sponsor: Sen. Black of Franklin
- Committee: Appropriations and Financial Affairs
- Status: Carry Over Approved; carry-over to the next special or regular session of the 132nd Legislature (current posture preserved)
What the bill would do
- Authorize a General Fund bond issue (non-taxable) to provide $50 million in principal to replenish the Land for Maine's Future Program.
- Purpose is specifically to restore or replenish LMF funding, supporting the program’s land acquisition and conservation efforts.
Key financial provisions (as reflected in the fiscal note)
- Principal of bond issue: $50,000,000
- Interest rate (est.): 5.0%
- Estimated interest: $13,750,000
- Total estimated cost to the General Fund over the life of the bonds: $63,750,000
- Term length: Not explicitly stated in the fiscal note excerpt; the note reflects a multi-year General Fund obligation with annual debt service at an estimated 5% interest rate.
- Referendum: The bond authorization would be approved by voters via a statewide ballot question in the November 2025 general election.
- Referendum costs: If a second ballot is required, the Secretary of State estimates an additional appropriation of $341,000 for production and delivery.
Election and procedural details
- Referendum type: General election question in November 2025
- Ballot costs: Based on typical general elections; potential additional costs if a second ballot is needed
- Legislative actions:
- Jan 30, 2025: Bill received and referred to Appropriations and Financial Affairs
- Mar 21, 2025: Carried over to the next session (SP 519)
- Jun 25, 2025: Carried over again to any special or regular session (SP 800)
- Document and fiscal note: Document 2 (LR 1400(01)) provides the preliminary fiscal impact; approved February 5, 2025
Who would be affected
- General Fund: Increased debt service obligations if the bond is approved, affecting future General Fund expenditures.
- Land for Maine's Future Program: Replenished funding to support land conservation and preservation projects.
- Voters: Would vote on the bond authorization via a statewide ballot in November 2025.
- State agencies: Secretary of State would administer the referendum process; potential budgeting implications for ballot production.
Notes for readers
- The bill seeks to replenish the LMF program rather than create new ongoing funding; it relies on general obligation bonds to be repaid over time with interest.
- All fiscal estimates are preliminary and subject to voter approval and legislative action on bonding terms and debt service.
If you’d like, I can add a brief section comparing this bill to prior LMF funding actions or provide a timeline graphic.
Compiled from official sources — confirm details with the bill’s official record.
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