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.