LD 498
pg. 1
LD 498 Title Page An Act to Increase the Bond Ceiling of the University of Maine System LD 498 Title Page
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LR 1483
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 20-A MRSA §10952, sub-§7, as amended by PL 1997, c. 24, Pt. R,
§1, is further amended to read:

 
7. Borrow money. To borrow money pursuant to this chapter
and issue evidences of indebtedness to finance the acquisition,
construction, reconstruction, improvement or equipping of any one
project, or more than one, or any combination of projects, or to
refund evidences of indebtedness hereafter issued or to refund
general obligation debt of the State, or to refund any such
refunding evidences of indebtedness or for any one, or more than
one, or all of those purposes, or any combination of those
purposes, and to provide for the security and payment of those
evidences of indebtedness and for the rights of the holders of
them, except that any borrowing pursuant to this chapter,
exclusive of borrowing to refund evidences of indebtedness, to
refund general obligation debt of the State, or to fund issuance
costs or necessary reserves, may not exceed in the aggregate
principal amount outstanding at any time $100,000,000
$150,000,000, and except that no borrowing may be effected
pursuant to this chapter unless the amount of the borrowing and
the project or projects are submitted to the legislative Office
of Fiscal and Program Review for review by the joint standing
committee of the Legislature having jurisdiction over
appropriations and financial affairs at least 60 days before
closing on such borrowing for the project or projects is to be
initiated;

 
SUMMARY

 
The bill increases the University of Maine System bond ceiling
to allow for financing a portion of the capital improvement
program of the university system.


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