Whereas, in order to facilitate the foregoing, this legislation must be enacted prior to the purchase of the assets of Great Northern Paper, Inc. by Brascan Corporation; 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. Definitions. As used in this Act, unless the context otherwise indicates, the following terms have the following meanings.

1. "Acquiring business" means a business that acquires substantially all of the assets of Great Northern Paper, Inc.

2. "Authority" means the Finance Authority of Maine.

3. "BETR" means the Business Equipment Tax Reimbursement program established under the Maine Revised Statutes, Title 36, chapter 915.

4. "Bureau" means the Department of Administrative and Financial Services, Bureau of Revenue Services.

5. "Great Northern" means Great Northern Paper, Inc., Chapter 11 Debtor in Possession.

6. "Millinocket and East Millinocket mills BETR reimbursement" means the amount of the BETR reimbursement relating to the 2nd installment of property taxes assessed against Great Northern by Millinocket and East Millinocket for the 2002-03 property tax year, as certified by the bureau.

Sec. 2. Millinocket and East Millinocket BETR reimbursement loan program. Upon purchase by a business of substantially all of the assets of Great Northern, the authority shall provide a loan to the acquiring business in the amount of the Millinocket and East Millinocket mills BETR reimbursement, but not to exceed $1,550,000, on the following terms and conditions.