| | | Constitutional amendment. Resolved: Two thirds of each branch of the | | Legislature concurring, that the following amendment to the | | Constitution of Maine be proposed: |
|
| | | Constitution, Art. IX, §24 is enacted to read: |
|
| | | Section. 24.__Balanced budget; establishment of Special | | Reserve Account; limitation on issuance of bonds. |
|
| | | 1.__Amount of expenditures authorized.__The Legislature shall | | pass in the first year of each biennium a balanced General Fund | | budget based on best estimates of projected revenue.__If the | | budget is enacted as an emergency measure pursuant to Article IV, | | Part Third, Section 16, the Legislature may authorize | | expenditures up to an amount that does not exceed the projected | | revenues for the biennium.__If the budget is not enacted as an | | emergency measure pursuant to Article IV, Part Third, Section 16, | | the Legislature may authorize expenditures only up to an amount | | that equals 95% of projected revenues for the biennium, unless a | | sum equal to 5% of the projected revenues is held by the State in | | the special reserve account established pursuant to subsection 3. |
|
| | | 2.__Impact of revised projections.__If at any time revisions | | to revenue projections result in the failure of a duly enacted | | budget to meet the revenue and expenditure requirements set forth | | in subsection 1, the Legislature shall enact a supplemental | | budget that results in conformity with the revenue and | | expenditure requirements set forth in subsection 1. |
|
| | | 3.__Special reserve account.__The Legislature shall establish | | a special reserve account.__Funds in this account may be expended | | only: |
|
| | | A.__Through enactment of an emergency measure pursuant to | | Article IV, Part Third, Section 16; or |
|
| | | B.__Through enactment of a measure that is expressly | | conditioned on the people's ratification by a referendum | | vote pursuant to Article IV, Part Third, Section 19. |
|
| | | 4.__Limitation on issuance of bonds.__Notwithstanding Sections | | 14, 14-A, 14-B, 14-C and 14-D, the Legislature may not issue | | bonds pursuant to those sections unless the special reserve | | account established pursuant to subsection 3 contains funds in an | | amount that equals or exceeds 5% of the total budget in the | | biennium in which the bonds are authorized. |
|
| | | 5.__Other borrowing.__Any money the State acquires by creating | | an obligation that will extend beyond the term of the |
|
|
