Sec. PP-1. 4 MRSA §1610-C is enacted to read:
§1610-C. Additional securities
Notwithstanding any limitation on the amount of securities that may be issued pursuant to section 1606, subsection 2, the authority may issue additional securities in an amount not to exceed $7,485,000 outstanding at any one time for capital repairs and improvements at various state facilities.
Sec. PP-2. Maine Governmental Facilities Authority; resolution for issuance of securities. Pursuant to the Maine Revised Statutes, Title 4, section 1606, subsection 2 and section 1610-C, and notwithstanding the limitation contained in Title 4, section 1606, subsection 2 regarding the amount of securities that may be issued, the Maine Governmental Facilities Authority is authorized to issue securities in its own name in an amount up to $7,485,000 for the purpose of paying the cost associated with making capital repairs and improvements to state-owned facilities throughout the State as designated by the Commissioner of Administrative and Financial Services.
Sec. PP-3. Proceeds. The proceeds from the sale of the securities issued by the Maine Governmental Facilities Authority pursuant to this Part must be expended for capital repairs and improvements to state-owned facilities.
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