(3) Rates of interest, the duration of interest payments and any other terms to which municipalities and local development corporations must be subject under this paragraph; and

(4) Other matters necessary to the proper administration of this section and section 13120-O.

Rules adopted under this paragraph are major substantive routine technical rules pursuant to chapter 375, subchapter II-A and are subject to review by the joint standing committee of the Legislature having jurisdiction over economic development matters 2-A.

Sec. 6. 5 MRSA §13120-N, sub-§3, śC, as enacted by PL 2001, c. 703, §6, is amended to read:

C. A community industrial building financed by an authority loan may not be sold or leased without the express approval of the purchaser or lessee by the authority. If the municipality or local development corporation and the authority agree that a community industrial building is unlikely to be sold in the near future despite a marketing effort, the authority may permit an interim lease upon terms it considers appropriate for the protection of the Community Industrial Buildings Fund established in section 13120-O or any successor to the fund. Occupation of the premises under an interim lease does not require payment in full of the entire loan within 90 days, as provided in paragraph B.

Sec. 7. 5 MRSA §13120-O, as enacted by PL 2001, c. 703, §6, is repealed.

Sec. 8. 5 MRSA §13120-P, as enacted by PL 2001, c. 703, §6, is amended to read:

§13120-P. Commercial Facilities Development Program

1. Establishment; purpose. The Commercial Facilities Development Program is established within the authority to serve the following purposes:

A. Restore employment opportunities by serving as principal, partner, lender or investor in the acquisition and redevelopment of nonproductive commercial facilities for