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PUBLIC LAWS OF MAINE
First Regular Session of the 121st

CHAPTER 195
H.P. 914 - L.D. 1240

An Act To Amend the Regional Economic Development Revolving Loan Program

     Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and

     Whereas, the Regional Economic Development Revolving Loan Program provides much-needed loans to eligible borrowers for the purpose of creating or retaining jobs in this State; and

     Whereas, this legislation increases the availability of such loans to small businesses by reducing the required match of funds for loans of $50,000 or less; and

     Whereas, in order to stimulate economic development in the State as quickly as possible, it is necessary to expedite the ability to provide such loans; 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. 10 MRSA §1026-M, sub-§6, ¶B, as amended by PL 1999, c. 401, Pt. OOO, §2, is further amended to read:

     Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

Effective May 16, 2003.

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