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.

SUMMARY

This bill expands the Finance Authority of Maine's ability to support employee purchases of paper industry assets in the State by:

1. Adding any paper industry job retention project to the list of eligible projects;

2. Defining "paper industry job retention project";

3. Listing the criteria for a certificate of approval for a paper industry job retention project; and

4. Limiting the principal amount of revenue obligation securities the Finance Authority of Maine may have outstanding in conjunction with a paper industry job retention project.