(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.