CHAPTER 281

S.P. 464 - L.D. 1408

An Act To Refine the Maine Rural Development Statutes

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 5 MRSA §13120-A, first ¶, as enacted by PL 2001, c. 703, §6, is amended to read:

The Maine Rural Development Authority, as established by section 12004-F, subsection 18 and referred to in this subchapter as the "authority," is a body both corporate and politic and a public instrumentality of the State established for the purpose of providing loans to communities for the development of commercial facilities on a speculative basis and for serving as lead lender or investor in the acquisition, development, redevelopment and sale of commercial facilities in areas where economic needs are not supported by private investment.

Sec. 2. 5 MRSA §13120-D, sub-§4, as enacted by PL 2001, c. 703, §6, is amended to read:

4. Administration. The board of trustees shall elect one of its members Commissioner of Economic and Community Development shall serve as chair, of the board of trustees.__The board of trustees shall elect one member as vice-chair, who shall serve as secretary, one member as treasurer and such other officers as the board of trustees may from time to time consider necessary.

Sec. 3. 5 MRSA §13120-D, sub-§7, as enacted by PL 2001, c. 703, §6, is amended to read: