| | | To address the affordable housing crisis in | | the State by providing funds for the purposes | | of land purchase and infrastructure costs for | | the development of affordable workforce | | housing in anticipation of an additional | | $100,000,000 in other public and private | | funding to develop affordable workforce | | housing in the State. |
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| | | Sec. 7. Contingent upon ratification of bond issue. Sections 1 to 6 do not | | become effective unless the people of the State ratify the | | issuance of the bonds as set forth in this Act. |
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| | | Sec. 8. Appropriation balances at year-end. At the end of each fiscal | | year, all unencumbered appropriation balances representing state | | money carry forward. Bond proceeds that have not been expended | | within 10 years after the date of the sale of the bonds lapse to | | General Fund debt service. |
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| | | Sec. 9. Bonds authorized but not issued. Any bonds authorized but not | | issued, or for which bond anticipation notes are not issued | | within 5 years of ratification of this Act, are deauthorized and | | may not be issued, except that the Legislature may, within 2 | | years after the expiration of that 5-year period, extend the | | period for issuing any remaining unissued bonds or bond | | anticipation notes for an additional amount of time not to exceed | | 5 years. |
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| | | Sec. 10. Referendum for ratification; submission at statewide election; form of | | question; effective date. This Act must be submitted to the legal voters | | of the State at a statewide election held on the Tuesday | | following the first Monday of November following passage of this | | Act. The municipal officers of this State shall notify the | | inhabitants of their respective cities, towns and plantations to | | meet, in the manner prescribed by law for holding a statewide | | election, to vote on the acceptance or rejection of this Act by | | voting on the following question: |
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| | | "Do you favor a $20,000,000 bond issue to promote affordable | | workforce housing?" |
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| | | The legal voters of each city, town and plantation shall vote | | by ballot on this question and designate their choice by a cross | | or check mark placed within a corresponding square below the word | | "Yes" or "No." The ballots must be received, sorted, counted and | | declared in open ward, town and plantation meetings and returns | | made to the Secretary of State in the same manner as votes for | | members of the Legislature. The Governor shall review the | | returns and, if a majority of the legal votes are cast in favor | | of this Act, the Governor shall proclaim the result without |
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