An Act To Provide for the 2003 and 2004 Allocations of the State Ceiling on Private Activity Bonds
Maine Legislature, Session 121, LD 1326
Committee: Business, Research and Economic Development
Sponsors: BROMLEY, SULLIVAN, HALL, SHOREY, AUSTIN, O'BRIEN, RECTOR

Legislative Document 
No. 1326 
S.P.428 
In Senate, March 11, 2003 
An Act To Provide for the 2003 and 2004 Allocations of the State 
Ceiling on Private Activity Bonds 
(EMERGENCY) 
Submitted by the Finance Authority of Maine pursuant to Joint Rule 204. 
Reference to the Committee on Business, Research and Economic Development suggested 
and ordered printed. 
Presented by Senator BROMLEY of Cumberland. 
Cosponsored by Representative SULLIVAN of Biddeford and 
JOY J. O'BRIEN 
Secretary of the Senate 
Senators: HALL of Lincoln, SHOREY of Washington, Representatives: AUSTIN of Gray, 
O'BRIEN of Lewiston, RECTOR of Thomaston. 
Printed on recycled paper 
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 Law 2001, 
chapter 
make 
a partial 
allocation of the state ceiling on private activity bonds to some 
issuers for calendar year 2003, 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 are delayed due to 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 Treasurer of State. 
No portion of the state 
ceiling for calendar year 2003 was previously allocated to the 
Treasurer of State. 
Twenty million dollars of the state ceiling 
previously unallocated is now 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 
2003. 
No portion of the state ceiling for calendar year 2004 is 
allocated to the Treasurer of State. 
Sec. 2. Allocation to Finance Authority of Maine. 
The $30,000,000 
of the state ceiling for calendar year 2003 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, subsection 6 for calendar year 2003. 
Thirty million dollars 
of the state ceiling previously unallocated is now allocated to 
the Finance Authority of Maine to be used or reallocated in 
accordance with Title 10, section 363, subsection 6 for calendar 
year 2003. 
Thirty million dollars of the state ceiling for 
calendar year 2004 is allocated to the Finance Authority of Maine 
to be used or reallocated in accordance with Title 10, section 
363, subsection 6. 
Page l-LR1809(1) 
Sec. 3. Allocation to Maine Municipal Bond Bank. The $10,000,000 
of the state ceiling for calendar year 2003 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 2003. 
Ten million dollars of the state ceiling 
for calendar year 2004 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 Maine Educational Loan Authority. 
No 
portion 
of 
the 
state 
ceiling 
for 
calendar 
year 
2003 
was 
previously allocated to the Maine Educational Loan Authority. 
No 
portion of the state ceiling for calendar year 2004 is allocated 
to the Maine Educational Loan Authority. 
Sec. 5. 
Allocation to Maine State Housing Authority. 
The 
$40,000,000 
of 
the 
state 
ceiling 
for 
calendar 
year 
2003 
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 2003. 
Forty 
million dollars of the state ceiling for calendar year 2004 is 
allocated to the Maine State Housing Authority to be used or 
reallocated in accordance with Title 10, section 363, subsection 
for calendar year 2004. 
Sec. 6. 
Unallocated state ceiling. 
Ninety-eight million five 
hundred eighty thousand dollars of the state ceiling for calendar 
year 
2003 
is 
unallocated 
and 
must 
be 
reserved 
for 
future 
allocation in 
accordance 
with 
applicable 
laws. 
One 
hundred 
forty-eight million five hundred eighty thousand dollars of the 
state ceiling for calendar year 2004 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. 
SUMMARY 
This bill establishes the allocations of the state ceiling 
on issuance of tax-exempt bonds 
for calendar years 
2003 
and 
2004. 
Under federal law, a maximum of $228,580,000 in tax-exempt 
bonds benefiting private individuals or entities may be issued in 
Maine in 2003 and a maximum of $228,580,000 in tax-exempt bonds 
benefiting private individuals or entities may be issued in Maine 
in 
2004. 
This bill allocates 
the 
state ceiling 
among 
the 
state-level issuers of tax-exempt bonds.