HOME > ORDINANCES & ARCHIVES

Bond Issue Details, 2005

---

Local Referendum Questions
QUESTION # 1
Shall the City of Saco approve the Charter Amendment reprinted below?

Amend Section 6.15 of the City Charter of the City of Saco by adding at the end a new paragraph to read as follows (words that are underlined indicate new language):

In furtherance, and not limitation, of the foregoing, the City may issue and sell bonds, notes, and certificates of indebtedness pledged on the credit of the City, the proceeds of which may be used for the acquisition of interests in real or personal property, or the improvement of that property, within or without the political boundaries of the City, for the purpose of enhancing and improving environmental or economic conditions within or affecting the City, as conclusively determined by the City Council. Such real or personal property may be wholly or partially owned directly by the City or by an entity or other authority approved by the City Council prior to that property's acquisition or improvement.
Return to election results

QUESTION # 2
Shall the Order of the City Council of the City of Saco entitled Order Authorizing City of Saco to Borrow an Amount Not to Exceed $10,000,000 for the Acquisition of the Maine Energy Recovery Company (MERC) Facility in Biddeford, Maine in Order to Enhance and Improve Environmental and Economic Conditions Within or Affecting the City of Saco be ratified and approved?
Return to election results

Financial Statement Regarding $10,000,000 Borrowing for Acquisition of Maine Energy Recovery Company (MERC) Facility in Biddeford, Maine
As of the referendum date, the total amount of bond of the City of Saco outstanding and unpaid is $21,228,692, of which $17,241,778 is principal and $3,986,914 is interest. The City has $1,500,000 in bonds authorized and unissued. The total general or limited general obligation to be assumed if the question authorizing this borrowing is ratified by the voters is $10,000,000. The total debt service costs of the project will vary depending on the prevailing interest rates at the time the bonds are issued. The total estimated debt service is $15,043,967, of which $10,000,000 is principal. Esti- mated interest of 4.25% over 20 years is $5,043,967.

The validity of this obligation and of the voters' ratification of this obligation may not be affected by any errors in the estimate made pursuant to the above statement. If the actual amount of the total debt service for the bond issue varies from the estimate, the ratification by the electors is neverthe- less conclusive and the validity of the obligation is not affected by reason of the variance.

Dated: September 1, 2005 at Saco, Maine
Lisa R. Parker, Treasurer City of Saco

Statewide Referendum Questions
QUESTION 1: PEOPLE'S VETO
Do you want to reject the new law that would protect prople from discrimination im employment, housing, education, public accommodations and credit based on their sexual orientation?
Return to election results

QUESTION 2: BOND ISSUE
Do you favor a $33,100,000 bond issue for improvements to highways and bridges; airports; public transit improvements; state-owned ferry vessels and ferry and port facilities including port and harbor structures; and statewide bicycle trail and pedestrian improvements that makes the State eligible for over $158,000,000 in matchins funds?

Total estimated life time cost is $42,930,700 representing $33,100,000 in principal and $9,830,700 in interest (assuming interest at 5.4% over 10 years).
Return to election results

QUESTION 3: BOND ISSUE
Do you favor an $8,900,000 bond issue for purposes related to agriculture and the environment in anticipation of approximately $31,000,000 in fed- eral funds to be used for sustainable water sources and irrigation system development, loans from a wastewater state revolving fund, grants from a small community grants program, support of public water system improvements and repairs and improvements to a veterinary technician facility at the university of Maine?

Total estimated life time cost is $11,543,300 representing $8,900,000 in principal and $2,643,300 in interest (assuming interest at 5.4% over 10 years).
Return to election results

QUESTION 4: BOND ISSUE
Do you favor a $20,000,000 bond issue to stimulate economic growth and job creation through investments in the Maine economy in anticipation of approximately $44,000,000 in federal and private funds for medical research and development; equity investments in small Maine companies with potential for high growth; the New Century Community Program for capital inprovements to cultural resources; the renovation of Camden Hall on the University of Maine Bangor campus for a graduate school for biomedical science; the development of the Laboratory for Surface Science Technology; capital costs and equipment for the career center facility at the University of Southern Maine's Lewiston-Auburn College; and the development of the Sunrise Business and Career Center in the Town of Jonesboro?

Total estimated life time cost is $25,940,000 repesenting $20,000,000 in principal and $5,940,000 in interest (assuming interest at 5.4% over 10 years).
Return to election results

QUESTION 5: BOND ISSUE
Do you favor a $12,000,000 bond issue to purchase land and conservation easements statewide from willing sellers for conservation, water access, wildlife and fish habitat, outdoor recreaton, including hunting and fishing, farmland preservation and working waterfront preservation to matched by at least $7,000,000 in private and public contributions?

Total estimated life time cost is $15,564,000 representing $12,000,000 in principal and $3,564,000 in interest (assuming interest at 5.4% over 10 years).
Return to election results

QUESTION 6: BOND ISSUE
Do you favor a $9,000,000 bond issue to make building renovations at campuses of the University of Maine System, improve and expand the facili- ties of the Osher Lifelong Learning Institute at the University of Southern Maine and make building renovations to campuses of the Maine Community College System?

Total estimated life time cost is $11,673,000 representing $9,000,000 in principal and $2,673,000 in interest (assuming interest at 5.4% over 10 years).
Return to election results

QUESTION 7: CONSTITUTIONAL AMENDMENT
Do you favor amending the Constitution of Maine to permit the Legislature to authorize waterfront land used for commercial fishing activities to be assessed based on the land's current use in a manner similar to treatment now available for farms, open space and forestland?
Return to election results

State of Maine Treasurer's Statement
The State of Maine borrows money by issuing bonds. Bonds spread the payments for projects over their useful life so that all benefiting from the projects pay for them. The following is a summary of the bond debt of the State of Maine as of June 30,2005.

Bonds Outstanding (Issued and Maturing through 2015):

	Principal	Interest	Total
Highway Fund	$47,825,000	$5,873,179	$53,698,179
General Fund	$439,110,000	$74,483,496	$513,593,496
Total	$486,935,000	$80,356,675	$567,291,675

Unissued Bonds Authorized by Voters: $71,545,000

Unissued Bonds Authorized by the Constitution and Laws: $99,000,000

Total Unissued Bonds: $170,545,000

If the bonds submitted here are approved by voters and issued for the full statutory period authorized, and estimate of the total interest and principal that may reasonably be expected to be paid is $107,651,000 representing $83,000,000 in principal and $24,651,000 in interest.

David Lemoine, Treasurer of State
Return to election results