| Section 14. Authority and procedure for issuance of bonds. |
| The credit of the State shall not be directly or indirectly |
| loaned in any case, except as provided in sections 14-A, 14-B, |
| 14-C and 14-D. The Legislature shall not create any debt or |
| debts, liability or liabilities, on behalf of the State, which |
| shall singly, or in the aggregate, with previous debts and |
| liabilities hereafter incurred at any one time, exceed |
| $2,000,000, except to suppress insurrection, to repel invasion, |
| or for purposes of war, and except for temporary loans to be paid |
| out of money raised by taxation during the fiscal year in which |
| they are made, and except for loans to be repaid within 12 months |
| with federal transportation funds; and excepting also that |
| whenever 2/3 of both Houses shall deem it necessary, by proper |
| enactment ratified by a majority of the electors voting thereon |
| at a general or special election, the Legislature may authorize |
| the issuance of bonds on behalf of the State at such times and in |
| such amounts and for such purposes as approved by such action; |
| but this shall not be construed to refer to any money that has |
| been, or may be deposited with this State by the Government of |
| the United States, or to any fund which the State shall hold in |
| trust for any Indian tribe. Whenever ratification by the |
| electors is essential to the validity of bonds to be issued on |
| behalf of the State, the question submitted to the electors shall |
| be accompanied by a statement setting forth the total amount of |
| bonds of the State outstanding and unpaid, the total amount of |
| bonds of the State authorized and unissued, and the total amount |
| of bonds of the State contemplated to be issued if the enactment |
| submitted to the electors be ratified. For any bond |
| authorization requiring ratification of the electors pursuant to |
| this section, if any bonds have not been issued within 5 years of |
| the date of ratification, then those bonds may not be issued |
| after that date. Within 2 years after expiration of that 5-year |
| period, the Legislature may extend, by a majority vote, the 5- |
| year period for an additional 5 years or may deauthorize the |
| bonds. If the Legislature fails to take action within those 2 |
| years, the bond issue shall be considered to be deauthorized and |
| no further bonds may be issued. For any bond authorization in |
| existence on November 6, 1984, and for which the 5-year period |
| following ratification has expired, no further bonds may be |
| issued unless the Legislature, by November 6, 1986, reauthorizes |
| those bonds by a majority vote, for an additional 5-year period, |
| failing which all bonds unissued under those authorizations shall |
| be considered to be deauthorized. Temporary loans to be paid out |
| of moneys raised by taxation during any fiscal year shall not |
