CHAPTER 14
H.P. 1233 - L.D. 1680
An Act to Provide for the 2001 and 2002 Allocations of the State Ceiling on Private Activity Bonds
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, the Maine Revised Statutes, Title 10, section 363 and Private and Special Law 1999, chapter 82 make a partial allocation of the state ceiling on private activity bonds to some issuers for calendar year 2001, but leave a portion of the state ceiling unallocated and do not provide sufficient allocations for certain types of private activity bonds that may require an allocation prior to the effective date of this Act if not enacted on an emergency basis; and
Whereas, if these bond issues must be delayed due to lack of available state ceiling, the rates and terms under which these bonds may be issued may be adversely affected, resulting in increased costs to beneficiaries or even unavailability of financing for certain 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. Allocation to the Treasurer of State. No portion of the state ceiling for calendar year 2001 is allocated to the Treasurer of State. No portion of the state ceiling for calendar year 2002 is allocated to the Treasurer of State.
Sec. 2. Allocation to Finance Authority of Maine. The $25,000,000 of the state ceiling for calendar year 2001 previously allocated to the Finance Authority of Maine remain allocated to the Finance Authority of Maine to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 6 for calendar year 2001. Five million dollars of the state ceiling previously unallocated are now allocated to the Finance Authority of Maine to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 6. Twenty-five million dollars of the state ceiling for calendar year 2002 are allocated to the Finance Authority of Maine to be used or reallocated in accordance with Title 10, section 363, subsection 6.
Sec. 3. Allocation to Maine Municipal Bond Bank. The $10,000,000 of the state ceiling for calendar year 2001 previously allocated to the Maine Municipal Bond Bank remain allocated to the Maine Municipal Bond Bank to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 7 for calendar year 2001. Ten million dollars of the state ceiling for calendar year 2002 are allocated to the Maine Municipal Bond Bank to be used or reallocated in accordance with Title 10, section 363, subsection 7.
Sec. 4. Allocation to Maine Educational Loan Authority. The $10,000,000 of the state ceiling for calendar year 2001 previously allocated to the Maine Educational Loan Authority remain allocated to the Maine Educational Loan Authority to be used in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 8 for calendar year 2001. No portion of the state ceiling for calendar year 2002 is allocated to the Maine Educational Loan Authority.
Sec. 5. Allocation to Maine State Housing Authority. The $40,000,000 of the state ceiling for calendar year 2001 previously allocated to the Maine State Housing Authority are allocated to the Maine State Housing Authority to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 4 in calendar year 2001. Thirty-five million dollars of the state ceiling previously unallocated are now allocated to the Maine State Housing Authority to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 4. Forty million dollars of the state ceiling for calendar year 2002 are allocated to the Maine State Housing Authority to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 4 in calendar year 2002.
Sec. 6. Allocation to Maine Educational Loan Marketing Corporation. No portion of the state ceiling for calendar year 2001 is allocated to the Maine Educational Loan Marketing Corporation. No portion of the state ceiling for calendar year 2002 is allocated to the Maine Educational Loan Marketing Corporation.
Sec. 7. Unallocated state ceiling. Sixty-two million five hundred thousand dollars of the state ceiling for calendar year 2001 are unallocated and must be reserved for future allocation in accordance with applicable laws. One hundred fifty million dollars of the state ceiling for calendar year 2002 are unallocated and must be reserved for future allocation in accordance with applicable laws.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective May 8, 2001.
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