| Section 14. Authority and procedure for issuance of bonds. |
| The credit of the State shall not be directly or indirectly |
| loaned in any case, except as provided in sections 14-A, 14-B, |
| 14-C and 14-D. The Legislature shall not create any debt or |
| debts, liability or liabilities, on behalf of the State, which |
| shall singly, or in the aggregate, with previous debts and |
| liabilities hereafter incurred at any one time, exceed |
| $2,000,000, except to suppress insurrection, to repel |
| invasion, or for purposes of war, and except for temporary |
| loans to be paid out of money raised by taxation during the |
| fiscal year in which they are made, and except for loans to be |
| repaid within 12 months with federal transportation funds in |
| amounts not to exceed 50% of transportation funds appropriated |
| by the Federal Government in the prior federal fiscal year, |
| and except that this $2,000,000 debt limit is raised to |
| $30,000,000 when the total outstanding debt of a public |
| instrumentality of the State that acquires, constructs, |
| improves, reconstructs or equips, or constructs an addition or |
| additions to, any structure designed for use as a court |
| facility, state office or state activity space that is |
| intended to be used primarily by the State, any agency, |
| instrumentality or department of the State or by any branch of |
| State Government is $30,000,000 or less, and any such public |
| instrumentality is prohibited from incurring any additional |
| debt or liability; and excepting also that whenever 2/3 of |
| both Houses shall deem it necessary, by proper enactment |
| ratified by a majority of the electors voting thereon at a |
| general or special election, the Legislature may authorize the |
| issuance of bonds on behalf of the State at such times and in |
| such amounts and for such purposes as approved by such action; |
| but this shall not be construed to refer to any money that has |
| been, or may be deposited with this State by the Government of |
| the United States, or to any fund which the State shall hold |
| in trust for any Indian tribe. Whenever ratification by the |
| electors is essential to the validity of bonds to be issued on |
| behalf of the State, the question submitted to the electors |
| shall be accompanied by a statement setting forth the total |
| amount of bonds of the State outstanding and unpaid, the total |
| amount of bonds of the State authorized and unissued, and the |
| total amount of bonds of the State contemplated to be issued |
| if the enactment submitted to the electors be ratified. For |
| any bond authorization requiring ratification of the electors |
| pursuant to this section, if any bonds have not been issued |
| within 5 years of the date of ratification, then those bonds |
| may not be issued after that |
