|
after that date. Within 2 years after expiration of that 5-year |
| period, the Legislature may extend, by a majority vote, the 5- |
| year period for an additional 5 years or may deauthorize the |
| bonds. If the Legislature fails to take action within those 2 |
| years, the bond issue shall be considered to be deauthorized and |
| no further bonds may be issued. For any bond authorization in |
| existence on November 6, 1984, and for which the 5-year period |
| following ratification has expired, no further bonds may be |
| issued unless the Legislature, by November 6, 1986, reauthorizes |
| those bonds by a majority vote, for an additional 5-year period, |
| failing which all bonds unissued under those authorizations |
| shall be considered to be deauthorized. Temporary loans to be |
| paid out of moneys raised by taxation during any fiscal year |
| shall not exceed in the aggregate during the fiscal year in |
| question an amount greater than 10% of all the moneys |
| appropriated, authorized and allocated by the Legislature from |
| undedicated revenues to the General Fund and dedicated revenues |
| to the Highway Fund for that fiscal year, exclusive of proceeds |
| or expenditures from the sale of bonds, or greater than 1% of |
| the total valuation of the State of Maine, whichever is the |
| lesser. |
