Sec. 1. 4 MRSA §1606, sub-§2, as amended by PL 1999, c. 787, §1, is further amended to read:

2. Limitation on securities issued. The authority may not issue securities in excess of $93,000,000 outstanding at any one time, of which no less than $40,000,000 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 2/3 vote of approval in each House of the Legislature.

Sec. 2. Application. That section of this Act that amends the Maine Revised Statutes, Title 4, section 1606, subsection 2 does not affect any construction, reconstruction, purchase or acquisition approved prior to the effective date of this Act.

SUMMARY

This bill requires a 2/3 vote of approval in each House of the Legislature prior to the Maine Governmental Facilities Authority issuing securities to fund the construction, reconstruction, purchase or acquisition of facilities. The changes do not affect any project approved prior to the effective date of this bill.