LD 1357
pg. 3
Page 2 of 4 An Act To Encourage Economic Development in Piscataquis County Page 4 of 4
Download Bill Text
LR 2013
Item 1

 
(1)__All bonds issued by the county commissioners for
the purposes of this section must be approved prior
to issuance by the voters of Piscataquis County by
referendum vote in accordance with section 938,
except that a referendum for this purpose may be
conducted at any regular or special county election
at which the total number of votes cast for and
against the proposed bond issue is equal to 50% of
the total number of votes cast in Piscataquis County
for all gubernatorial candidates in the most recent
gubernatorial election.

 
(2)__The aggregate unpaid principal amount of all
bonds issued under this section may not exceed 2% of
the most recent taxable valuation of Piscataquis
County, as certified by the State Tax Assessor
pursuant to Title 36, section 381, adjusted to 100%.

 
(3)__Debt may not be incurred or bonds issued under
this section if such debt or bonds, in combination
with other county debt then outstanding, would cause
Piscataquis County to exceed limitations on total
county debt otherwise provided by law.

 
(4)__All bonds issued under this section must be for
capital project costs only and may not be used to
fund the annual operating or program expenses of any
agency, facility, program or office.__The
commissioners shall deposit the proceeds of any bond
issued under this section to a capital project
account for the project concerned, established in
accordance with section 921.__Bond proceeds deposited
to a capital project account may only be used for
purposes of financing or completing the project
concerned and for no other purposes.__Any funds
remaining in the capital project account upon
completion or termination of the project concerned
must be used by the commissioners to prepay any debt
incurred by the county for that project.__If the
terms of a particular bond issued under this section
prohibit prepayment of the bond, any funds remaining
in the capital project account upon completion or
termination of the project concerned may be
transferred to another capital project account or
used to retire other county debt.

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


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