An Act To Amend the Maine Economic Development Venture Capital Revolving Investment Program
Sec. 1. 10 MRSA §1026-N, sub-§3, as enacted by PL 1995, c. 424, §1, is amended to read:
Funds must be disbursed directly to and retained by the eligible private venture capital fund in accordance with a contract of investment between the private venture capital fund and the authority. All money invested in the private venture capital fund by the authority must be held in the name of the authority. Investment earnings on amounts invested by the authority must be credited to the authority and periodically paid to the authority. Any uncommitted balances existing in the fund at any time may, at the discretion of the authority, be transferred to the Economic Recovery Program Fund established in section 1023-I.
This bill allows the Finance Authority of Maine to transfer uncommitted balances within the Maine Economic Development Venture Capital Revolving Investment Program Fund to the Economic Recovery Program Fund, which is also administered by the Finance Authority of Maine.