An Act To Provide for the 2008 and 2009 Allocations of the State Ceiling on Private Activity Bonds
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 Revised Statutes, Title 10, section 363 and Private and Special Law 2007, chapter 18 make a partial allocation of the state ceiling on private activity bonds to some issuers for calendar year 2008, 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,
Sec. 1. Allocation to the Treasurer of State. The $5,000,000 of the state ceiling for calendar year 2008 previously allocated to the Treasurer of State remains allocated to the Treasurer of State to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 5 for calendar year 2008. Five million dollars of the state ceiling for calendar year 2009 is allocated to the Treasurer of State to be used or reallocated in accordance with Title 10, section 363, subsection 5.
Sec. 2. Allocation to the Finance Authority of Maine. The state ceiling or private activity bonds allocated to the Finance Authority of Maine are:
1. The $45,000,000 of the state ceiling for calendar year 2008 previously allocated to the Finance Authority of Maine remains 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 2008. Fifteen million dollars of the previously unallocated state ceiling for calendar year 2008 is allocated to the Finance Authority of Maine to be used or reallocated in accordance with Title 10, section 363, subsection 6 for calendar year 2008. Forty million dollars of the state ceiling for calendar year 2009 is allocated to the Finance Authority of Maine to be used or reallocated in accordance with Title 10, section 363, subsection 6.
2. The $50,000,000 of the state ceiling for calendar year 2008 previously allocated to the Finance Authority of Maine remains allocated to the Finance Authority of Maine, the entity designated pursuant to Title 20-A, section 11407, to be used or reallocated in accordance with Title 10, section 363, subsection 8-A. Fifty million dollars of the state ceiling for calendar year 2009 is allocated to the Finance Authority of Maine, the entity designated pursuant to Title 20-A, section 11407, to be used in accordance with Title 10, section 363, subsection 8-A.
Sec. 3. Allocation to the Maine Municipal Bond Bank. The $10,000,000 of the state ceiling for calendar year 2008 previously allocated to the Maine Municipal Bond Bank remains 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 2008. Ten million dollars of the state ceiling for calendar year 2009 is 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 the Maine Educational Loan Authority. The $20,000,000 of the state ceiling for calendar year 2008 previously allocated to the Maine Educational Loan Authority remains allocated to the Maine Educational Loan Authority to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 8 for calendar year 2008. Twenty million dollars of the previously unallocated state ceiling for calendar year 2008 is allocated to the Maine Educational Loan Authority to be used in accordance with Title 10, section 363, subsection 8. Forty million dollars of the state ceiling for calendar year 2009 is allocated to the Maine Educational Loan Authority to be used in accordance with Title 10, section 363, subsection 8.
Sec. 5. Allocation to the Maine State Housing Authority. The $40,000,000 of the state ceiling for calendar year 2008 previously allocated to the Maine State Housing Authority remains 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 2008. Forty million dollars of the previously unallocated state ceiling for calendar year 2008 is allocated to the Maine State Housing Authority to be used in accordance with Title 10, section 363, subsection 4. Forty million dollars of the state ceiling for calendar year 2009 is allocated to the Maine State Housing Authority to be used or reallocated in accordance with Title 10, section 363, subsection 4.
Sec. 6. Unallocated state ceiling. Of the state ceiling for calendar year 2008, $17,095,000 is unallocated and must be reserved for future allocation in accordance with applicable laws. Of the state ceiling for calendar year 2009, $77,095,000 is 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 legislation takes effect when approved.
summary
This bill establishes the allocations of the state ceiling on the issuance of tax-exempt bonds for calendar years 2008 and 2009. Under federal law, a maximum of $262,095,000 in tax-exempt bonds benefiting private individuals or entities may be issued in Maine in 2008 and at least $262,095,000 in tax-exempt bonds benefiting private individuals or entities may be issued in Maine in 2009. This bill allocates the state ceiling among the state-level issuers of tax-exempt bonds.