Whereas, the transition to a different county budget year requires the appropriate county officers of Sagadahoc County to have the authority to borrow money before the expiration of the 90-day period; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

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

Sec. 1. PL 2001, c. 143, §3 is amended to read:

Sec. 3. Transition. The Sagadahoc County commissioners, in order to facilitate the change in fiscal year made by this Act, shall submit a budget for the period of January 1, 2002 to June 30, 2002 and for the period of July 1, 2002 to June 30, 2003. Notwithstanding the provisions of the Maine Revised Statutes, Title 30-A, section 932, the county officers authorized to issue notes and securities may borrow money, for purposes of the transitional budgets authorized in this Act, by issuing bonds or notes in anticipation of taxes from the transitional budgets, the total face amount of which does not exceed 80% of the taxes anticipated from the transitional budgets and the period of borrowing of which does not exceed 5 years.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

SUMMARY

This bill authorizes the appropriate county officers in Sagadahoc County to borrow money, for purposes of the transitional budgets authorized for that county, by issuing bonds or notes in anticipation of taxes from the transitional budgets, the total face amount of which does not exceed 80% of the taxes anticipated from the transitional budgets and the period of borrowing of which does not exceed 5 years.