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grant or rural development grant to the county or any of | | its municipalities, intended to achieve purposes | | substantially similar to those listed in subparagraphs | | (1) to (4); |
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| | | (6)__Financial participation in any economic | | development project organized or funded on a regional | | basis by 2 or more political subdivisions or state or | | federal agencies.__For this purpose, the county | | commissioners may provide assistance to a regional | | project to be located in whole or in part outside of | | Piscataquis County only upon a finding by the | | commissioners that the project will confer a | | substantial economic benefit on Piscataquis County; |
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| | | (7)__Funding the annual salary and operating expenses | | of a county economic development officer, development | | agency or development office; and |
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| | | (8)__Necessary contractual services for any of the | | purposes stated in this paragraph. |
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| | | B.__All borrowing by the county commissioners for the | | purposes of this section is subject to the following | | limitations. |
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| | | (1)__All bonds issued by the county commissioners for | | the purposes of this section must be approved prior to | | issuance by the voters of Piscataquis County by | | referendum vote in accordance with section 938, except | | that a referendum for this purpose may be conducted at | | any regular or special county election at which the | | total number of votes cast for and against the proposed | | bond issue is equal to at least 50% of the total number | | of votes cast in Piscataquis County for all | | gubernatorial candidates in the most recent | | gubernatorial election. |
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| | | (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%. |
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| | | (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. |
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