ME LD2009

Authorizes Maine counties and municipalities to file for Chapter 9 federal bankruptcy relief under 11 U.S.C.

Requires three conditions before filing: exhaustion of all reasonable alternatives to resolve debt, a determination of insolvency by the State Auditor, and majority approval from county commissioners or municipal officers

Designated as emergency legislation, taking effect immediately upon approval rather than after the standard 90-day waiting period

Cites rising property valuations and sharp increases in cost of living as factors creating difficult financial circumstances for local governments