Sec. JJ-1. 10 MRSA c. 14, as amended, is repealed.
Sec. JJ-2. 10 MRSA §1023-K, sub-§3, as amended by PL 1999, c. 684, §2, is further amended to read:
3. Application of fund. The fund may be applied to carry out any power of the authority under or in connection with section 1026-P, including, but not limited to, the pledge or transfer and deposit of money in the fund as security for and the application of the fund to pay principal, interest and other amounts due on insured loans. The fund may be used for direct loans to finance all or part of any clean fuel vehicle project when the authority determines that:
A. The applicant demonstrates a reasonable likelihood that the applicant will be able to repay the loan;
B. The applicant demonstrates a reasonable likelihood that the applicant will not be able to obtain the funds necessary to undertake all or any part of the project from any other source, including a loan insured under section 1026-P;
C. The project is technologically feasible; and
D. The project will contribute to a reduction of or more efficient use of fossil fuels.
The authority shall adopt rules for determining eligibility, project feasibility, terms, conditions and security for loans under this section. Rules adopted pursuant to this section are routine technical rules under Title 5, chapter 375, subchapter II-A. Money in the fund not currently needed to meet the obligations of the authority as provided in this section may be invested in such a manner as permitted by law.
Sec. JJ-3. 10 MRSA §1023-K, sub-§3-A, as enacted by PL 1999, c. 684, §3, is repealed.
Sec. JJ-4. 10 MRSA §1023-K, sub-§4, as amended by PL 2001, c. 367, §3, is further amended to read:
4. Accounts within fund. The authority may divide the fund into separate accounts as it determines necessary or convenient for carrying out this section, including, but not limited to, accounts reserved for direct loan funds .
Sec. JJ-5. Clean Fuel Vehicle Fund; lapsed balances. The following funds in the Clean Fuel Vehicle Fund within the Finance Authority of Maine lapse to the General Fund in fiscal year 2002-03:
1. Notwithstanding any other provision of law, $69,468 of the funds in the account created within the Clean Fuel Vehicle Fund for the purpose of paying incentive vouchers and making payments to automobile scrappers under the High-pollution Vehicle Retirement Pilot Program established under the Maine Revised Statutes, Title 10, chapter 14 lapses to the General Fund in fiscal year 2002-03. Notwithstanding any other provisions of this Part, the Finance Authority of Maine shall use remaining funds in that account to pay up to $51,000 in incentive vouchers authorized by the Department of Environmental Protection prior to October 8, 2002 and to pay up to $10,150 in payments to automobile scrappers authorized by the Department of Environmental Protection prior to October 8, 2002. The Finance Authority of Maine shall make those remaining payments in accordance with the provisions of Title 10, former sections 393 and 394 in effect on October 8, 2002; and
2. Notwithstanding any other provision of law, $107,404 in funds in the account created within the Clean Fuel Vehicle Fund for the purpose of providing loans to finance all or part of any clean fuel vehicle project under Title 10, section 1023-K lapses to the General Fund in fiscal year 2002-03.
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