APPROVED CHAPTER
MARCH 17, 2021 1
BY GOVERNOR P & S LAW
STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-ONE
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S.P. 27 - L.D. 20
An Act To Provide for the 2021 and 2022 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 Public Law 2019,
chapter 572 make a partial allocation of the state ceiling on private activity bonds to some
issuers for calendar year 2021 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 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 2021 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 2021.
Five million dollars of the state ceiling for calendar year 2022 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. The $40,000,000 of the
state ceiling on private activity bonds for calendar year 2021 previously allocated to the
Finance Authority of Maine remains allocated to the Finance Authority of Maine to be used
or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363,
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subsection 6 for calendar year 2021. An additional $100,000,000 of the state ceiling on
private activity bonds for calendar year 2021, previously unallocated, is allocated to the
Finance Authority of Maine to be used or reallocated in accordance with Title 10, section
363, subsection 6. Forty million dollars of the state ceiling for calendar year 2022 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 on private activity bonds for calendar year 2021 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 2021. Ten million dollars of the state ceiling for calendar
year 2022 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 Finance Authority of Maine as successor to the
Maine Educational Loan Authority. The $15,000,000 of the state ceiling on private
activity bonds for calendar year 2021 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 2021. An additional
$5,000,000 of the state ceiling on private activity bonds for calendar year 2021, previously
unallocated, is allocated to the Finance Authority of Maine to be used or reallocated in
accordance with Title 10, section 363, subsection 8. Fifteen million dollars of the state
ceiling for calendar year 2022 is allocated to the Finance Authority of Maine to be used or
reallocated in accordance with Title 10, section 363, subsection 8.
Sec. 5. Allocation to the Maine State Housing Authority. The $50,000,000 of
the state ceiling on private activity bonds for calendar year 2021 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 2021. Fifty million dollars of the state ceiling for calendar
year 2022 is allocated to the Maine State Housing Authority to be used or reallocated in
accordance with Title 10, section 363, subsection 4.
Sec. 6. Unallocated state ceiling. Ninety-nine million nine hundred ninety-five
thousand dollars of the state ceiling on private activity bonds for calendar year 2021 is
unallocated and must be reserved for future allocation in accordance with applicable laws.
Two hundred one million seven hundred seventy-five thousand dollars of the state ceiling
for calendar year 2022 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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