HP0627
LD 830
First Regular Session - 125th Maine Legislature
 
LR 161
Item 1
Bill Tracking, Additional Documents Chamber Status

An Act To Establish a Debt Limit for the State

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 5 MRSA §155  is enacted to read:

§ 155 Debt limit

The annual projected debt service of the State in any fiscal year for all general obligation bonds and Maine Governmental Facilities Authority bonds originally issued for a term of in excess of 5 years as certified by the Treasurer of State may not exceed 5% of the General Fund revenues for the previous fiscal year.

summary

This bill establishes a debt limit for most general obligation bonds and Maine Governmental Facilities Authority bonds originally issued for a term of in excess of 5 years at 5% of the General Fund revenues for the previous fiscal year.


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