Maine Limits on State Guaranteed Loans, Proposed Constitutional Amendment No. 3 (1978)

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The Maine Limits on State Guaranteed Loans Referendum, also known as Proposed Constitutional Amendment No. 3, was on the November 7, 1978 ballot in Maine as a legislatively-referred constitutional amendment, where it was approved.[1] The measure reduced and combined two separate insurance limits under which the Maine Guarantee Authority operated. It combined the $17 million limit for the insurance of recreational projects with the $80 million limit on industrial, manufacturing, fishing and agricultural enterprises to a total limit for all such projects to $90 million. The measure also made fishing vessels registered in the state eligible for such mortgage insurance.This amended Sections 14, 14-A and 14-B of Article IX of the Maine Constitution.[2][3]

Election results

Maine Proposed Constitutional Amendment No. 3 (1978)
Approveda Yes 204,747 68.18%

Election results via: Maine State Law and Legislative Reference Library, Proposed Constitutional Amendments 1820-

Text of measure

See also: Maine Constitution, Article IX, Sections 14, 14-A and 14-B

The language appeared on the ballot as:[3]

"'Shall the Constitution be amended as proposed by a resolution of the First Regular Session of the 108th Legislature to reduce and combine the guarantee limits for the insurance of enterprises within the State, and to make vessels registered in the State eligible for such insurance?" [4]

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