An Act To Provide for the 2004 and 2005 Allocations of the State Ceiling on Private Activity Bonds
Maine Legislature, Session 121, LD 1838
Committee: Business, Research and Economic Development
Sponsors: SULLIVAN, BROMLEY, BERUBE, DUPREY, JACOBSEN, PELLON, RECTOR, ROGERS, SMITH, SHOREY

Legislative Document 
No. 1838 
H.P. 1364 
House of Representatives, January 30,2004 
An Act To Provide for the 2004 and 2005 Allocations of the State 
Ceiling on Private Activity Bonds 
(EMERGENCY) 
Reference to the Committee on Business, Research and Economic Development suggested 
and ordered printed. 
'17/~ 
1I7.1l!t1C~ 
MILLICENT M. MacFARLAND 
Clerk 
Presented by Representative SULLIVAN of Biddeford. (GOVERNOR'S BILL) 
Cosponsored by Senator BROMLEY of Cumberland and 
Representatives: BERUBE of Lisbon, DUPREY of Medway, JACOBSEN of Waterboro, 
PELLON of Machias, RECTOR of Thomaston, ROGERS of Brewer, SMITH of Monmouth, 
Senator: SHOREY of Washington. 
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 
2003, 
chapter 17 
make 
a partial 
allocation of the state ceiling on private activity bonds to some 
issuers for calendar year 2004 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 fa.cts 
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 2004 was previously allocated to the 
Treasurer of State. 
No portion of the state ceiling for calendar 
year 2005 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 2004 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 2004. 
Thirty million dollars 
of the state ceiling for calendar year 2005 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 Maine Municipal Bond Bank. The $10,000,000 
of the state ceiling for calendar year 2004 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 2004. 
Ten million dollars of the state ceiling 
for calendar year 2005 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 
2004 
was 
previously allocated to the Maine Educational Loan Authority. 
Ten million dollars of the state ceiling for calendar year 2005 
is allocated to the Maine Educational Loan Authority to be used 
or reallocated in accordance with the Maine Revised Statutes, 
Title 10, section 363, subsection 8. 
Sec. 5. 
Allocation to Maine State Housing Authority. 
The 
$40,000,000 
of 
the 
state 
ceiling 
for 
calendar 
year 
2004 
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 2004. 
Forty 
million dollars of the state ceiling for calendar year 2005 is 
allocated to the Maine State Housing Authority to be used or 
reallocated in accordance with Title 10, section 363, subsection 
for calendar year 2005. 
Sec. 6. Unallocated state ceiling. The amount of $153,795,000 of 
the state ceiling for calendar year 2004 is unallocated and must 
be reserved for future allocation in accordance with applicable 
laws. 
The 
amount of 
$143,795,000 of the state ceiling for 
calendar year 2005 is unallocated and must be reserved for future 
allocation in accordance with applicable laws. 
Emergency clause. 
In view of the emergency cited ln 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 
2004 
and 
2005. 
Under federal law, a maximum of $233,795,000 in tax-exempt 
bonds benefiting private individuals or entities may be issued in 
Maine in 2004 and a maximum of $233,795,000 in tax-exempt bonds 
benefiting private individuals or entities may be issued in Maine 
in 
2005. 
This bill allocates 
the 
state ceiling 
among 
the 
state-level issuers of tax-exempt bonds.