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Maine Veterans' Mortgage Loans and School Building Authority Bond Issue Adjustments (1976)

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The Maine Veterans' Mortgage Loans and School Building Authority Bond Issue Adjustments Referendum was on the November 2, 1976 ballot in Maine as a legislatively-referred constitutional amendment, where it was approved.[1] The measure increased the bonding limit on the Maine Veterans' Mortgage Loans from $2 million to $4 million and decreased the bonding limit of the Maine School Building Authority from $25 million to $10 million. This amended Section 14-C and Section 14-E of Article IX of the Maine Constitution.[2]

Background

State guaranteed loans offered through the Maine School Building Authority for the construction of school projects were authorized in 1969. Similar loans for veterans' housing were established by a 1972 legislatively-referred constitutional amendment.

Aftermath

The bonding limit of the Maine School Building Authority was further reduced to $10 million in 1981. In 1984, a legislatively-referred constitutional amendment empowered the legislature to determine what share of a mortgage loan may be insured by the state under the Maine Veterans Loan Guarantee Program. It also allowed for the extension of the program to include loans to any business owned in whole or in part by a resident Maine veteran.[1][3][4]

Election results

Maine Bond Issue Adjustments Referendum (1976)
ResultVotesPercentage
Approveda Yes 247,499 59.27%
No170,08340.73%

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

Text of measure

See also: Maine Constitution, Article IX, Section 14-C and Section 14-E

The language appeared on the ballot as:[2]

"Shall the Constitution be amended as proposed by a resolution of the Legislature to increase the bonding limit on Maine veterans' mortgage loans from $2,000,000 to $4,000,000 and to decrease the bonding limit of the Maine School Building Authority from $25,000,000 to $10,000,000?" [5]

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