| Be it enacted by the People of the State of Maine as follows: |
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| | Sec. 1. 4 MRSA §1606, sub-§2, as repealed and replaced by PL 1999, c. | 127, Pt. A, §2, is amended to read: |
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| | 2. Limitation on securities issued. The authority may not | issue securities in excess of $83,000,000 $98,000,000 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 and securities issued under section | 1610-A. 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 majority vote of approval in | each House of the Legislature. |
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| | Sec. 2. Maine Governmental Facilities Authority; resolution for issuance of securities. | Pursuant to the Maine Revised Statutes, Title 4, section 1606, | subsection 1, the Maine Governmental Facilities Authority is | authorized to issue securities in its own name in an amount up to | $15,000,000 for the purpose of paying the cost of the | construction of court facilities in the State. |
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| | This bill raises the bonding limit of the Maine Governmental | Facilities Authority from $83,000,000 to $98,000,000. The | increase of $15,000,000 is to be used for the construction of | court facilities in the State. |
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