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An Act To Establish a Debt Limit for the State
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  5 MRSA §155  is enacted to read:
§ 155. Debt limit
The annual projected debt service of the State in any fiscal year for all general obligation bonds and Maine Governmental Facilities Authority bonds originally issued for a term of in excess of 5 years as certified by the Treasurer of State may not exceed 5% of the General Fund revenues for the previous fiscal year.
 
SUMMARY
This bill establishes a debt limit for most general obligation bonds and Maine Governmental Facilities Authority bonds originally issued for a term of in excess of 5 years at 5% of the General Fund revenues for the previous fiscal year.