SP0578, LD 1480, item 4, Document Text

Amend the amendment by inserting after the 2nd paragraph after the title the following:

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Amend the bill in section 1 in §1026-U by striking out all of subsection 4 (page 1, lines 21 to 30 in L.D.) and inserting the following:

‘ 4. Maine Capital Investment Fund. The Maine Capital Investment Fund is established as a nonlapsing revolving loan and equity fund administered by the authority to support the capital needs of business development projects under the program. The fund is capitalized by sums transferred by the State Controller from interest earned from the investment of fund balances, institutional endowments and other funds from any private source received for use for any of the purposes for which the fund has been established. The use of public funds from any source is prohibited. The authority may charge the fund reasonable fees for the cost of implementing and administering the program and any loans or bonds authorized by this section.

Amend the amendment by striking out all of the last paragraph (page 2, lines 33 and 34 in amendment) and inserting the following:

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Amend the bill by striking out all of section 2 and inserting the following:

‘Sec. 2. Contingent effective date. This Act takes effect only upon the receipt by the Finance Authority of Maine for the Maine Capital Investment Fund under the Maine Revised Statutes, Title 10, section 1026-U of funds from a funding source other than public funds, as identified in Title 10, section 1026-U, subsection 4, in the amount of at least $50,000,000. The Finance Authority of Maine shall notify the Secretary of State, the Secretary of the Senate, the Clerk of the House of Representatives and the Revisor of Statutes when the funds are received pursuant to this section.

summary

This amendment prohibits the use of public funds to fund the Maine Capital Investment Fund, including initial funding to meet the contingency.

FISCAL NOTE REQUIRED

(See attached)

SP0578 LD 1480	Session - 127th Maine Legislature S "A" to C "A", Filing Number S-384, Sponsored by Brakey		LR 2196 Item 4
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