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An Act To Amend the Laws Governing the Capital Reserve Funds of the Maine Educational Loan Authority
Emergency preamble. Whereas, acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas,  the Maine Educational Loan Authority will not be able to create or establish any capital reserve funds after June 30, 2011; and
Whereas,  immediate enactment of this legislation is necessary to ensure that the Maine Educational Loan Authority's authority to create or establish capital reserve funds does not lapse; 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. 20-A MRSA §11424, sub-§1, as amended by PL 2009, c. 40, §1, is further amended to read:
 
1. Capital reserve fund.   The authority may create and establish one or more capital reserve funds and may pay into any such capital reserve fund any money appropriated and made available by the State for the purposes of any such fund, any proceeds of the sale by the authority of bonds to the extent determined by the authority and any other money available to the authority. The authority may not create or establish any capital reserve fund under this section after June 30, 2011.
Emergency clause.  In view of the emergency cited in the preamble, this legislation takes effect when approved.
 
SUMMARY
This bill removes the termination date for the Maine Educational Loan Authority's authority to create or establish capital reserve funds.