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PUBLIC LAWS OF MAINE
First Regular Session of the 121st

CHAPTER 281
S.P. 464 - L.D. 1408

An Act To Refine the Maine Rural Development Statutes

Be it enacted by the People of the State of Maine as follows:

     Sec. 1. 5 MRSA §13120-A, first ¶, as enacted by PL 2001, c. 703, §6, is amended to read:

     The Maine Rural Development Authority, as established by section 12004-F, subsection 18 and referred to in this subchapter as the "authority," is a body both corporate and politic and a public instrumentality of the State established for the purpose of providing loans to communities for the development of commercial facilities on a speculative basis and for serving as lead lender or investor in the acquisition, development, redevelopment and sale of commercial facilities in areas where economic needs are not supported by private investment.

     Sec. 2. 5 MRSA §13120-D, sub-§4, as enacted by PL 2001, c. 703, §6, is amended to read:

     4. Administration. The board of trustees shall elect one of its members Commissioner of Economic and Community Development shall serve as chair, of the board of trustees. The board of trustees shall elect one member as vice-chair, who shall serve as secretary, one member as treasurer and such other officers as the board of trustees may from time to time consider necessary.

     Sec. 3. 5 MRSA §13120-D, sub-§7, as enacted by PL 2001, c. 703, §6, is amended to read:

     7. Employees. The authority may employ an executive director and such other technical experts, agents and employees, permanent and temporary, that it requires and may determine their qualifications, duties and compensation. Permanent employees of the authority are eligible to elect to participate in the Maine State Retirement System, the state employee health plan under section 285, any state-deferred compensation plan or any other plan or program adopted by the members to the extent the members may determine. For required legal services, the authority may employ or retain its own counsel and legal staff.

     Sec. 4. 5 MRSA §13120-I, sub-§1, as enacted by PL 2001, c. 703, §6, is amended to read:

     1. Authorization. The authority may provide by resolution for the issuance of bonds for the purpose of funding the Community Industrial Buildings Fund, as established in section 13120-O or any successor to the fund, for the construction of proposed commercial facilities and improvement of existing or acquired commercial facilities and for the fulfillment of other undertakings that it may assume. The bonds of the authority do not constitute a debt of the State or of any agency or political subdivision of the State but are payable solely from the revenue of the authority, and neither the faith nor credit nor taxing power of the State or any political subdivision of the State is pledged to payment of the bonds. Notwithstanding any other provision of law, any bonds issued pursuant to this subchapter are fully negotiable. If any member of the board of trustees whose signature appears on the bond or coupons ceases to be a member of the board of trustees before the delivery of those bonds, that signature is valid and sufficient for all purposes as if that member of the board of trustees had remained a member of the board of trustees until delivery.

     Sec. 5. 5 MRSA §13120-N, sub-§1, ¶¶C and D, as enacted by PL 2001, c. 703, §6, are amended to read:

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

     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:

In carrying out its duties under this section, the authority shall make all reasonable and appropriate efforts to maximize the leverage of its funds through partnership and risk-sharing arrangements with public and private organizations.

     2. Redevelopment of property. Except as provided in section 13120-Q, the authority may acquire interests in and undertake the redevelopment of property as an owner or lender for subsequent use and sale under the following conditions:

     3. Development of property. Except as provided in section 13120-Q, the authority may acquire interests in and undertake the development of property as an owner or lender for subsequent use and sale under the following conditions:

     Sec. 9. Successor to fund. The Maine Rural Development Authority, referred to in this section as "the authority," is the successor to the Department of Economic and Community Development, referred to in this section as "the department," for the purposes of the Maine Revised Statutes, Title 5, section 13120-N and former section 13120-O. All properties, rights in land, buildings and equipment and any funds, money, revenues and receipts or assets of the department as they apply to the former Community Industrial Buildings Fund, established under Title 5, former section 13120-O, including funds previously appropriated by the State for the Community Industrial Buildings Fund under Title 5, former section 13082, belong to the authority as successor to the department. All liabilities of the department with respect to the Community Industrial Buildings Fund under Title 5, former section 13082 become liabilities of the authority. Any action taken by the department with respect to assisting a municipality or local development corporation to create community industrial buildings is an action taken by the authority.

Effective September 13, 2003, unless otherwise indicated.

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