Limitation on annual issuance and aggregate amount of bonds in absence of elector approval. (1) The total amount of general obligation bonds issued in any calendar year by the port without the approval of the electors of the port shall not exceed $500,000

(2) The aggregate outstanding principal amount of general obligation bonds issued by the port without the approval of the electors of the port shall not at any time exceed $1.5 million.

(3) Nothing in this section applies to refunding bonds. [1987 c.565 §15]