Sec. 1. 10 MRSA c. 1003 is enacted to read:

CHAPTER 1003

NORTHERN MAINE TRANSMISSION CORPORATION

§9111.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Corporation.__"Corporation" means the Northern Maine Transmission Corporation established in section 9112, subsection 1.

2.__Fund.__"Fund" means the Northern Maine Transmission Corporation Fund established in section 9114.

3.__Authority.__"Authority" means the Finance Authority of Maine.

§9112.__Northern Maine Transmission Corporation established

1.__Establishment and purpose.__The Northern Maine Transmission Corporation is established.__The corporation is a special purpose corporation formed and managed as a subsidiary of the authority.__The purpose of the corporation is to finance, permit, construct and operate electric transmission lines necessary to connect electric utilities in the northern region of the State with the transmission grid of the United States in a manner adequate, in the opinion of the authority, to allow customers serviced by those electric utilities to receive the benefits of service similar to all other electric customers in this State.

2.__Board.__The powers of the corporation are exercised by a board of directors, referred to in this section as the "board," that consists of 9 members.

3.__Membership and appointment of directors.__Directors of the board consist of the following 9 members:

A.__The chief executive officer of the authority or the chief executive officer's designee;

B.__The Director of the Office of Business Development or the director's designee;

C.__The Treasurer of State or the treasurer's designee;