Sec. 1. 4 MRSA §1606, sub-§2, as amended by PL 1997, c. 752, §1 and c. 788, §2, is repealed and the following enacted in its place:

2.__Limitation on securities issued.__The authority may not issue securities in excess of $83,000,000 outstanding at any one time, of which no less than $30,000,000 must be specifically allocated to projects relating to the Judicial Branch, except for the issuance of revenue refunding securities authorized by section 1610.__The amount of securities that may be outstanding in the name of the authority may be increased by the Legislature upon a showing by the authority that its available revenues are sufficient to support additional issuance of securities and that the issuance of securities will not materially impair the credit standing of the authority, the investment status of securities issued by the authority or the ability of the authority to fulfill its commitments to__holders of securities.__Nothing in this chapter may be construed to authorize the authority to issue securities to fund the construction, reconstruction, purchase or acquisition of facilities without a 2/3 vote of approval in each House of the Legislature.

SUMMARY

This bill requires a 2/3 vote of approval in each House of the Legislature before the Maine Governmental Facilities Authority may authorize the issuance of securities to fund the construction, reconstruction, purchase or acquisition of facilities.