About

Learn about State of Maine, including Featured News, Key Projects, and State Debt Team.

Bond Ratings
Aa2/AA
Founded
March 15, 1820
Tax-Supported Debt Outstanding
$1.124 Billion

About State of Maine

The Office of the Treasurer of State is established in Article V, Part Third of the Constitution of the State of Maine.  The Treasurer is elected biennially, at the first session of the Legislature, by joint ballot of the Senators and Representatives in convention, with a limit of four consecutive terms in office.  Once elected, Treasurers are constitutionally prohibited from engaging in any business of trade, commerce, brokerage, or of agency for any merchant or trader.  The Treasurer is barred from involvement with any political action committee.

The core duties of the Treasurer’s Office are debt management, cash management, trust fund administration and unclaimed property administration.  Other major tasks assigned to the Treasurer are directorships on many of Maine’s quasi-governmental debt issuing agencies and distributions under the Municipal Revenue Sharing Program.  Below is more information on the Treasurer's debt management duties.

Debt Management:  Managing the issuance of both Bond Anticipation Notes (BANs) and Bonds;  Assuring timely debt payments;  Managing credit rating agency relationships; Collecting and publishing state debt statistics; Providing debt service projections for legislative and executive budgeting efforts; Preparing the Treasurer’s Statement for publication on ballots whenever general obligation debt proposals are sent out to voters; Determining annually the need for Tax Anticipation Notes (TANs), Lines of Credit, (LOCs) or other short-term debt vehicles to cover cash flow needs within a fiscal year;  Arranging for short-term debt if necessary; and Coordinating with cash pool management to maximize cash pool support for General Fund cash flow needs as an alternative to issuing debt.

Key Projects

The Jackson Laboratory

The Jackson Laboratory (JAX) is constructing a state-of-the-art research mouse production facility in Ellsworth, Maine. The facility will include innovative, automated systems for handling production materials. These systems will significantly increase production safety and efficiency and enhance product quality and consequently will advance the Laboratory’s position as the global leader in research mouse production. JAX has committed $75 million to phase 1 of the 3-phase project and will match the $12.5 million grant from MTAF with an additional $47.5 million, to complete the project’s second phase.

Voter Approval Date: June 13, 2017

**Bond Question Number: **1

**Bond Question: **Do you favor a $50,000,000 bond issue to provide $45,000,000 in funds for investment in research, development and commercialization in the State to be used for infrastructure, equipment and technology upgrades that enable organizations to gain and hold market share, to increase revenues and to expand employment or preserve jobs for Maine people, to be awarded through a competitive process to Maine-based public and private entities, leveraging other funds in a one-to-one ratio and $5,000,000 in funds to create jobs and economic growth by lending to or investing in small businesses with the potential for significant growth and strong job creation?

Money Spent

$12,500,000 bonded

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Vets First Choice

Vets First Choice plans to build a new corporate facility on the peninsula in Portland, Maine. This multi-million-dollar project will include an automated fulfillment center, state-of-the-art specialty pharmacy, and a world-class science, technology, engineering and math center. This major expansion will create hundreds of high-quality jobs in Maine. Vets First Choice has formed a strategic collaboration with the University of New England College of Pharmacy for residency, training and development programs. Vets First Choice is a leading provider of technology-enabled healthcare services for companion and equine veterinary practitioners. Founded in 2010, the company partners with veterinarians to create insight into gaps in patient care and offers professionalized pro-active prescription management to drive client engagement and improve compliance.

Voter Approval Date: June 13, 2017

**Bond Question Number: **1

**Bond Question: **Do you favor a $50,000,000 bond issue to provide $45,000,000 in funds for investment in research, development and commercialization in the State to be used for infrastructure, equipment and technology upgrades that enable organizations to gain and hold market share, to increase revenues and to expand employment or preserve jobs for Maine people, to be awarded through a competitive process to Maine-based public and private entities, leveraging other funds in a one-to-one ratio and $5,000,000 in funds to create jobs and economic growth by lending to or investing in small businesses with the potential for significant growth and strong job creation?

Money Spent

$9,000,000 bonded

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View Projects

State Debt Team

Henry Beck

State Treasurer

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Matthew Colpitts

Deputy State Treasurer

(207) 624-7468

matthew.colpitts@maine.gov

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View State Debt Team