132nd MAINE LEGISLATURE
		LD 1013		LR 1684(01)
	An Act to Protect Taxpayers by Requiring Referenda on Significant Municipal Debt
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Sen. Nangle of Cumberland
	Committee: State and Local Government
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Potential State Mandate - Unfunded
State Mandates
	Required Activity				Unit Affected	Local Cost
	Requires municipalities seeking to issue bonds in the amount of $10,000,000 or more to call referendums for the voters of the municipalities to approve the bonds. This bill also requires the referendums to be held on the first Tuesday in November and the procedures for the referendums must follow the procedures established in the relevant current law.				Municipality	Moderate statewide
	The required local activities in this bill may represent a state mandate pursuant to the Constitution of Maine. If the bill does require a local unit of government to expand or modify its activities so as to necessitate additional expenditures from local revenue, the state mandate provisions of the Constitution of Maine require either: (1) General Fund appropriations be provided to fund at least 90% of any additional necessitated local costs of the mandate; or (2) a Mandate Preamble be added to the bill and two-thirds of the members of each House vote to exempt the mandate from the funding requirement. If the bill does represent a state mandate and neither one of these actions occurs, the local units of government will not be required to implement the mandated activities.