ME · constitutions
Me. Const. art. V, pt. 3, § 5
Bonding regulations; prohibiting use of proceeds from sale of bonds to fund current expenditures
The Legislature shall enact general law prohibiting the use of proceeds from the sale of bonds to fund current expenditures and shall provide by appropriation for the payment of interest upon and installments of principal of all bonded debt created on behalf of the State as the same shall become due and payable. If at any time the Legislature shall fail to make any such appropriation, the Treasurer of State shall set apart from the first General Fund revenues thereafter received a sum sufficient to pay such interest or installments of principal and shall so apply the moneys thus set apart. The Treasurer of State may be required to set apart and apply such revenues at the suit of any holder of such bonds. The prohibition on use of proceeds from the sale of bonds to fund current expenditures shall only apply to those bonds authorized on or after July 1, 1977.
Provenance
- Source
- legislature.maine.gov
- Retrieved
- 2026-09-25
- Edition
- 2026-09-25
- Content hash
919187ac2ea92396b1779f7e90b85d2f52e59527ca6b51d5ad6d671bb9375d7f
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