Question 2 on the Nov. 6 ballot requests funding for Maine-based research and development that are essential to a healthy economic future, according to proponents of the initiative.

One of two questions related to the University of Maine System, Question 2 proposes a $55 million research and development bond, the largest bond proposed on the statewide ballot.

Question 2 will read as follows:

“Do you favor a bond issue to stimulate economic development and job creation that would provide $5,000,000 in loans and grant funds and would provide $50,000,000 in research, development and commercialization funds for targeted technology sectors, awarded after a competitive process administered by the Maine Technology Institute, and will leverage at least $50,000,000 in other funds?”

The proposal arose from a collaboration between UMS officials and university presidents, who then formally asked the governor and the Legislature to approve a plan for state investment in higher education facilities and resources, according to the UMS Web site.

The final version and amount were determined by the governor and the Legislature, who gave their approval and, implicitly, their confirmation that the state can afford to borrow the money.

UMS and a citizens group called Fighting for Maine’s Future are the lead promoters of Question 2. If passed, Question 2 would allow the Maine Technology Institute, a state-affiliated agency, to award, on a competitive basis, $50 million in research grants for projects related to advancing specific areas of Maine’s economy. Faculty, staff and students at all of Maine’s public universities, as well as other Maine-based researchers, could apply for the grants.

“In the 10 years that the state has started investing in research and development, the University of Maine alone has brought in well over $150 million in outside funds to support the research that takes place there. The return on investment is roughly $5 for every $1 of state money invested in research and development,” said UMS spokesman John Diamond.

Diamond said he was not aware of any opponents of Question 2 and said the proposal had garnered “broad bipartisan support” across the state.

In most instances, the grants would be distributed based on each project’s ability to attract federal and private-sector investment in Maine. Based on past experience with this type of borrowing, the research grants are expected to attract at least $50 million in additional investment in Maine-based research, largely through federal research grants.

Question 2 also includes $3.5 million for the Finance Authority of Maine and $1.5 million for the Maine Rural Development Authority. Those funds would be made available to support additional economic development initiatives.