Bill Summary – FastDemocracy

APPROVED                  CHAPTER
                                                                  MARCH 14, 2024                  18
                                                                  BY GOVERNOR                P & S LAW
                                   STATE OF MAINE
                                           _____
                           IN THE YEAR OF OUR LORD
                        TWO THOUSAND TWENTY-FOUR
                                           _____
                                   S.P. 916 - L.D. 2160
 An Act to Provide for the 2024 and 2025 Allocations of the State Ceiling on
                           Private Activity Bonds
    Emergency preamble. Whereas, acts and resolves 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
Law 2023, chapter 5 make a partial allocation of the state ceiling on private activity bonds
to some issuers for calendar year 2024 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 prior to the effective date of this Act if it is not enacted on an
emergency basis; and
     Whereas, if these bond issues must be delayed due to the lack of available 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 $5,000,000 of the state ceiling
on private activity bonds for calendar year 2024 previously allocated to the Treasurer of
State remains allocated to the Treasurer of State to be used or reallocated in accordance
with the Maine Revised Statutes, Title 10, section 363, subsection 5 for calendar year 2024.
Five million dollars of the state ceiling for calendar year 2025 is allocated to the Treasurer
of State to be used or reallocated in accordance with Title 10, section 363, subsection 5.
    Sec. 2. Allocation to the Finance Authority of Maine, including as successor
to the Maine Educational Loan Authority. The $100,000,000 of the state ceiling on
private activity bonds for calendar year 2024 previously allocated to the Finance Authority
of Maine remains allocated to the Finance Authority of Maine to be used or reallocated in
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accordance with the Maine Revised Statutes, Title 10, section 363, subsection 6 for
calendar year 2024. The $20,000,000 of the state ceiling on private activity bonds for
calendar year 2024 previously allocated to the Finance Authority of Maine as successor to
the Maine Educational Loan Authority remains allocated to the Finance Authority of Maine
to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section
363, subsection 8 for calendar year 2024. An additional $105,000,000 of the state ceiling
on private activity bonds for calendar year 2024, previously unallocated, is allocated to the
Finance Authority of Maine to be used or reallocated in accordance with Title 10, section
363, subsections 6 and 8. One hundred ninety-five million dollars of the state ceiling for
calendar year 2025 is allocated to the Finance Authority of Maine to be used or reallocated
in accordance with Title 10, section 363, subsections 6 and 8.
     Sec. 3. Allocation to the Maine Municipal Bond Bank. The $10,000,000 of
the state ceiling on private activity bonds for calendar year 2024 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 2024. Ten million dollars of the state ceiling for calendar
year 2025 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 State Housing Authority. The $50,000,000 of
the state ceiling on private activity bonds for calendar year 2024 previously allocated to the
Maine State Housing Authority remains 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 2024. An additional $50,000,000 of the state ceiling on
private activity bonds for calendar year 2024, previously unallocated, is allocated to the
Maine State Housing Authority to be used or reallocated in accordance with Title 10,
section 363, subsection 4. One hundred million dollars of the state ceiling for calendar year
2025 is allocated to the Maine State Housing Authority to be used or reallocated in
accordance with Title 10, section 363, subsection 4.
    Sec. 5. Unallocated state ceiling. Thirty-eight million two hundred thirty thousand
dollars of the state ceiling on private activity bonds for calendar year 2024 is unallocated
and must be reserved for future allocation in accordance with applicable laws. Sixty-eight
million two hundred thirty thousand dollars of the state ceiling for calendar year 2025 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 legislation
takes effect when approved.
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