S.P. 619 - L.D. 1822
Resolve, Authorizing the Town of Southwest Harbor to Refinance Certain Temporary Bond Anticipation Notes Issued for Its Water Project
Emergency preamble. Whereas, Acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, the Town of Southwest Harbor has authorized the issuance of general obligation securities for the purpose of financing certain capital improvements to the town's water system, referred to as the "water project," and has issued its temporary general obligation bond anticipation notes in the principal amount of $800,000 to finance its water project, such debt being originally issued in November 1994; and
Whereas, long-term financing for the water project is to be provided by the issuance of general obligation bonds to the United States; and
Whereas, engineering and other problems of locating the plant associated with the water project have caused the construction of the project to be delayed beyond the time originally contemplated, increased the proposed cost of the water project and delayed the closing of the long-term financing with the United States; and
Whereas, the Maine Revised Statutes, Title 30-A, section 5772 states that the period of anticipatory borrowing by a municipality may not exceed 3 years; and
Whereas, it is necessary for the Town of Southwest Harbor to extend the period of its anticipatory borrowing for an additional 2 years; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore, be it
Sec. 1. Authority to issue and sell temporary notes. Resolved: That, notwithstanding the Maine Revised Statutes, Title 30-A, section 5772 or any other provision of law, the Town of Southwest Harbor may issue and sell its temporary general obligation bond anticipation notes in a principal amount not to exceed $800,000 for an additional period not to exceed 2 years for the purpose of refinancing a certain outstanding temporary note originally issued in November 1994 in that amount to finance the water project for the Town of Southwest Harbor, subsequently reissued in 1995 and 1996, and further that the 3-year limitation regarding temporary or anticipatory borrowing contained in Title 30-A, section 5772 must be extended to 5 years for the Town of Southwest Harbor water project.
Emergency clause. In view of the emergency cited in the preamble, this resolve takes effect when approved.
Effective May 28, 1997.
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