CHAPTER 53
S.P. 755 - L.D. 2091
An Act to Provide for the 2002 and 2003 Allocations of the State Ceiling on Private Activity Bonds
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, the Maine Revised Statutes, Title 10, section 363 and Private and Special Law 2001, chapter 14 make a partial allocation of the state ceiling on private activity bonds to some issuers for calendar year 2002, but leave a portion of the state ceiling unallocated and do not provide sufficient allocations for certain types of private activity bonds that may require an allocation prior to the effective date of this Act if not enacted on an emergency basis; and
Whereas, if these bond issues are delayed due to lack of available state ceiling, the rates and terms under which these bonds may be issued may be adversely affected, resulting in increased costs to beneficiaries or even unavailability of financing for certain projects; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. Allocation to Treasurer of State. No portion of the state ceiling for calendar year 2002 is allocated to the Treasurer of State. No portion of the state ceiling for calendar year 2003 is allocated to the Treasurer of State.
Sec. 2. Allocation to Finance Authority of Maine. The $25,000,000 of the state ceiling for calendar year 2002 previously allocated to the Finance Authority of Maine remains allocated to the Finance Authority of Maine to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 6 for calendar year 2002. Five million dollars of the state ceiling previously unallocated is now allocated to the Finance Authority of Maine to be used or reallocated in accordance with Title 10, section 363, subsection 6 for calendar year 2002. Thirty million dollars of the state ceiling for calendar year 2003 is allocated to the Finance Authority of Maine to be used or reallocated in accordance with Title 10, section 363, subsection 6.
Sec. 3. Allocation to Maine Municipal Bond Bank. The $10,000,000 of the state ceiling for calendar year 2002 previously allocated to the Maine Municipal Bond Bank remains allocated to the Maine Municipal Bond Bank to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 7 for calendar year 2002. Ten million dollars of the state ceiling for calendar year 2003 is allocated to the Maine Municipal Bond Bank to be used or reallocated in accordance with Title 10, section 363, subsection 7.
Sec. 4. Allocation to Maine Educational Loan Authority. Ten million dollars of the state ceiling previously unallocated is now allocated to the Maine Educational Loan Authority to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 8 for calendar year 2002. No portion of the state ceiling for calendar year 2003 is allocated to the Maine Educational Loan Authority.
Sec. 5. Allocation to Maine State Housing Authority. The $40,000,000 of the state ceiling for calendar year 2002 previously allocated to the Maine State Housing Authority remains allocated to the Maine State Housing Authority to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 4 for calendar year 2002. Forty million dollars of the state ceiling for calendar year 2003 is allocated to the Maine State Housing Authority to be used or reallocated in accordance with Title 10, section 363, subsection 4 for calendar year 2003.
Sec. 6. Unallocated state ceiling. One hundred thirty-five million dollars of the state ceiling for calendar year 2002 is unallocated and must be reserved for future allocation in accordance with applicable laws. One hundred forty-five million dollars of the state ceiling for calendar year 2003 is unallocated and must be reserved for future allocation in accordance with applicable laws.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective March 12, 2002.
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