S.P. 818 - L.D. 2204
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, pursuant to current law, no certificates of approval for electric rate stabilization projects may be issued after February 1, 1998; and
Whereas, there continues to be a need for the approval of electric rate stabilization 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Sec. 1. 10 MRSA §1053, sub-§6, as repealed and replaced by PL 1997, c. 489, §7 and c. 492, §1 and affected by §7, is repealed and the following enacted in its place:
6. Securities outstanding. The principal amount of revenue obligation securities the authority may have outstanding at any one time, to which subsection 5 is stated to apply in the trust agreement or other document, may not exceed an aggregate principal amount equal to $657,000,000 as follows:
A. The sum of $330,000,000 consisting of not more than $275,000,000 for loans and up to $55,000,000 for use of bond proceeds to fund capital reserve funds for revenue obligation securities issued pursuant to this subchapter relating to loans for electric rate stabilization projects;
B. The sum of $120,000,000 consisting of not more than $100,000,000 for loans and up to $20,000,000 for use of bond proceeds to fund capital reserve funds for revenue obligation securities issued pursuant to this subchapter relating to loans for major business expansion projects;
C. The sum of $57,000,000 consisting of not more than $45,000,000 for loans and up to $12,000,000 for use of bond proceeds to fund capital reserve funds for revenue obligation securities issued pursuant to this subchapter relating to workers' compensation residual market mechanism projects; and
D. The sum of $150,000,000 less the aggregate outstanding balance of mortgage loans secured by capital reserve funds pursuant to section 1032 for all other revenue obligation securities issued pursuant to this subchapter.
The amount of revenue obligation securities issued to refund securities previously issued may not be taken into account in determining the principal amount of securities outstanding, provided that proceeds of the refunding securities are applied as promptly as possible to the refunding of the previously issued securities. In computing the total amount of revenue obligation securities of the authority that may at any time be outstanding for any purpose, the amounts of the outstanding revenue obligation securities that have been issued as capital appreciation bonds or as similar instruments are valued as of any date of calculation at their then current accreted value rather than their face value.
Sec. 2. 35-A MRSA §3156, last ¶, as amended by PL 1997, c. 492, §3 and affected by §7, is further amended to read:
A certificate may not be issued under this section after February 1 July 31, 1998.
Sec. 3. PL 1993, c. 712, §8, as amended by PL 1997, c. 492, §4 and affected by §7, is further amended to read:
Sec. 8. Loans authorized. The Finance Authority of Maine may make loans to electric utilities or to municipal solid waste facilities financed by industrial development or exempt facility bonds, if those facilities are qualifying facilities as defined in
the Maine Revised Statutes, Title 35-A, section 3303, for electric rate stabilization projects as defined in Title 10, section 963-A from up to $275,000,000 of the proceeds of revenue obligation securities secured by capital reserve funds pursuant to Title 10, section 1053. Notwithstanding any provision of Title 10, chapter 110, loans may aggregate up to $275,000,000 plus an amount determined by the Finance Authority of Maine of up to an additional aggregate of $55,000,000 to fund any capital reserve fund established by the authority for these loans. Revenue obligation securities secured by capital reserve funds pursuant to Title 10, section 1053 relating to such loans may not be issued for an electric rate stabilization agreement as defined in Title 35-A, section 3156, executed after February 1 July 31, 1998. Any revenue obligation securities issued for electric rate stabilization projects secured by capital reserve funds pursuant to Title 10, section 1053 are limited obligations of the Finance Authority of Maine payable from revenues from borrowers and any capital reserve funds pledged for those securities as those funds are administered under Title 10, chapter 110, subchapter III and are not payable from any other assets or funds of the Finance Authority of Maine. In addition to all other applicable provisions, the requirements of Title 10, section 1045-A apply to loans for electric rate stabilization projects.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective April 16, 1998.
| Revisor of Statutes Homepage | Subject Index | Search | Laws of Maine | Maine Legislature |
