An Act To Establish Appropriate Parameters for County Borrowing Authority

Sec. 1. 30-A MRSA §934,  as amended by PL 2009, c. 517, §14, is further amended to read:

§ 934. Loans

The county commissioners may obtain loans of money for the use of their county and cause notes, obligations or bonds, with coupons for lawful interest, to be issued for payment of the loans. These loans may not exceed $10,000 one ten-thousandth of the county's total property valuation, except in Franklin County and Aroostook County as provided in sections section 935 and 935-A and except to the extent authorized pursuant to Title 10, chapter 110, without first obtaining the consent of the county, substantially as provided in section 122 or by countywide referendum pursuant to section 938.

Sec. 2. 30-A MRSA §935-A,  as enacted by PL 1991, c. 778, §2, is repealed.

SUMMARY

This bill provides that a county may obtain loans up to one ten-thousandth of the county’s total property valuation instead of being limited to $10,000. It repeals the exception for Aroostook County whereby Aroostook County is allowed to obtain loans up to $95,000, but loans over $10,000 are limited to the purpose of building, rebuilding, altering or improving county-owned real estate and personal property in that real estate.