An Act to Reallocate a Portion of the Calendar Year 1999 Allocation of State Ceiling
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, Private and Special Law 1999, chapter 82, section 4 reallocated to the Maine Educational Loan Authority $10,000,000 of the state ceiling for calendar year 1999 originally allocated to the Finance Authority of Maine; and
Whereas, the United States Internal Revenue Service has determined that the Finance Authority of Maine is the appropriate issuer of bonds to carry forward the $10,000,000 of the state ceiling for calendar year 1999 originally allocated to the Finance Authority of Maine; and
Whereas, if these bond issues must be delayed because the State has reallocated to the Maine Educational Loan Authority $10,000,000 of the state ceiling for calendar year 1999 originally allocated to the Finance Authority of Maine, the Finance Authority of Maine may not be able to provide financing for students in a timely manner or the rates and terms under which these bonds may be issued may be adversely affected, resulting in increased costs to beneficiaries; 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. Allocation to Finance Authority of Maine. The $10,000,000 of the state ceiling for calendar year 1999 originally allocated to the Finance Authority of Maine to be used for educational loans under Public Law 1999, chapter 443, then reallocated to the Maine Educational Loan Authority under Private and Special Law 1999, chapter 82, is reallocated to the Finance Authority of Maine to be used for educational loans pursuant to the Maine Revised Statutes, Title 20-A, chapter 417-B in accordance with Title 10, section 363, subsection 6.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective April 11, 2001.
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