CHAPTER 33
H.P. 1210 - L.D. 1710
An Act to Provide for the 1997 and 1998 Allocations of the State Ceiling on Private Activity Bonds
Emergency preamble. Whereas, Acts 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 Laws, 1996, chapter 61 make a partial allocation of the state ceiling on private activity bonds to some issuers for calendar year 1997, 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 before 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 allocation of 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,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. Allocation to the Treasurer of State. The $10,000,000 of the state ceiling for calendar year 1997 previously allocated to the Treasurer of State is no longer allocated to the Treasurer of State. No portion of the state ceiling for calendar year 1998 is allocated to the Treasurer of State.
Sec. 2. Allocation to the Finance Authority of Maine. The $25,000,000 of the state ceiling for calendar year 1997 previously allocated to the Finance Authority of Maine, plus an additional $10,000,000, is 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 1997. Twenty-five million dollars of the state ceiling for calendar year 1998 is allocated to the Finance Authority of Maine to be used or reallocated in accordance with Title 10, section 363, subsection 6.
Sec. 3. Allocation to the Maine Municipal Bond Bank. The $10,000,000 of the state ceiling for calendar year 1997 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 1997. Ten million dollars of the state ceiling for calendar year 1998 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 1997 is 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 1997. Twenty million dollars of the state ceiling for calendar year 1998 is allocated to the Maine Educational Loan Authority to be used or reallocated in accordance with Title 10, section 363, subsection 8.
Sec. 5. Allocation to the Maine State Housing Authority. The $45,000,000 of the state ceiling for calendar year 1997 previously allocated to the Maine State Housing Authority, plus an additional $5,000,000, is 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 for calendar year 1997. Forty million dollars of the state ceiling for calendar year 1998 is allocated to the Maine State Housing Authority to be used or reallocated in accordance with Title 10, section 363, subsection 4.
Sec. 6. Allocation to the Maine Educational Loan Marketing Corporation. The $25,000,000 of the state ceiling for calendar year 1997 previously allocated to the Maine Educational Loan Marketing Corporation, plus an additional $10,000,000, is allocated to the Maine Educational Loan Marketing Corporation to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 8 for calendar year 1997. Twenty million dollars of the state ceiling for calendar year 1998 is allocated to the Maine Educational Loan Marketing Corporation to be used or reallocated in accordance with Title 10, section 363, subsection 8.
Sec. 7. Unallocated state ceiling. Thirty-five million dollars of the state ceiling for calendar year 1998 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 Act takes effect when approved.
Effective May 22, 1997.
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