BRUNSWICK
Just over a week after Tuesday’s election, Secretary of State Matthew Dunlap announced that a $50 million bond was approved by voters. The bond issue was the only statewide item on the June 13 ballot.
The bond issue, which will support research and development in the state, passed by 62 percent of the vote — with 63,468 votes in favor and 39,549 votes against. The results were certified by the Elections Division and signed by Gov. Paul LePage.
Specifically, the bond would provide $45 million to replenish the Maine Technology Asset Fund, administered by the Maine Technology Institute in Brunswick. MTI will distribute the money to public and private entities in Maine to be spent on research and development.
Rep. Seth Berry, D-Bowdoinham, told The Times Record that state spending like this is key to driving innovation.
“The Maine Technology Institute and the Maine Technology Asset Fund have a really unique role in driving the innovation in the economy,” said Berry. “It’s hard to find a truly successful business in Maine that has not benefited in some way from state programs, and MTI is one of the most common of those programs.”
The remaining $5 million provided by the bond would go to the Maine Venture Fund, operated by the Finance Authority of Maine. The Maine Venture Fund is an evergreen equity fund which invests in small businesses.
According to the Office of the Treasurer, interest on the bonds will cost an estimated additional $13,750,000, making the total cost of the bond issue $63,750,000. The legislation becomes law in 30 days from the official proclamation on Wednesday.
nstrout@timesrecord.com
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