An Act To Establish the Midcoast Regional Redevelopment Authority
Maine Legislature, Session 122, LD 1957
Committee Amendment CA_A_H981 (House)

COMMITTEE AMENDMENT .. A.. to H. P. 
Act To Establish the Midcoast Regional 
l3 71 , 
L . D • 1957, Bill , 
.. An 
Redevelopment Authority" 
Amend the bill in section 1 in §13083-I in subsection 2 in 
paragraph A by inserting at the end the following new sentence: 
'A vacancy must be filled in the same manner as the original 
appointment for the balance of the unexpired term.' 
Further 
amend 
the 
bill 
in 
section 
in 
§13083-N 
in 
subsection 2 by inserting at the end the following: 
'C. 
Bonds may not be issued by the authority until the 
authority has received a certificate of approval from the 
Finance 
Authority of 
Maine 
authorizing 
issuance 
of 
the 
bonds. Before issuing a certificate of approval under this 
section, the Finance Authority of Maine must determine that 
there is a reasonable likelihood that the income, proceeds, 
revenues and funds of the authority derived from or held for 
activities 
under 
this 
article 
or 
otherwise 
pledged 
to 
payment 
of 
the 
bonds 
will 
be 
sufficient 
to 
pay 
the 
principal, the interest and all other amounts that may at 
any time become due and payable under the bonds. 
In maki@ 
this determination, 
the Finance Authority of Maine shall 
consider the authority's analysis of the proposed bond issue 
and the revenues 
to make payments 
on the bonds 
and may 
require 
such 
information, 
projections, 
studies 
and 
independent analyses as it considers necessary or desirable 
and may charge the authority reasonable fees and expenses. 
The 
issuance 
by 
the 
Finance 
Authority 
of 
Maine 
of 
a 
certificate 
of 
approval 
under 
this 
section 
does 
not 
constitute an endorsement of the bonds or the projects or 
purposes 
for 
which 
those 
bonds 
are 
Page l-LR2604(3) 
COMMITTEE AMENDMENT 
COMMITTEE AMENDMENT "It" to H.P. 1371, L.D. 1957 
issued and neither the authority nor any other person or 
entity, including, without limitation, any holders of bonds 
of the authority, 
have 
any cause of action against the 
Finance 
Authority 
of 
Maine 
with 
respect 
to 
any 
such 
certificate of approval. 
The Finance Authority of Maine may 
require that it be indemnified, defended and held harmless 
by 
the 
authority for 
any liability or 
cause of 
action 
arising out of or with respect to the bonds.' 
SUMMARY 
This 
amendment 
requires that 
a 
vacancy 
on 
the Midcoast 
Regional Redevelopment Authority be filled in the same manner as 
the original appointment for the balance of the unexpired term. 
It also provides that bonds may not be issued by the Midcoast 
Regional Redevelopment Authority until the authority has received 
a certificate of approval from the Finance Authority of Maine 
authorizing issuance of the bonds. 
¥ISCAL ~OTE REQURED_ 
(See attached) 
-~,-- .. '-..... 
COMMITTEE AMENDMENT 
Approved: 04/07/06 frac:.. 
LD 1957 
LR 2604(03) 
An Act To Establish the Midcoast Regional Redevelopment Authority 
Fiscal Note for Bill as Amended by Committee Amendment 'A" 
Committee: Business, Research and Economic Development 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - General Fund 
Minor revenue increase - General Fund 
Correctional and Judicial Impact Statements 
Establishes a new Class E crime. 
The collection of additional fines may increase General Fund revenue by minor amounts. 
Fiscal Detail and Notes 
This bill establishes the Midcoast Regional Redevelopment Authority as a legal entity entrusted with acquiring and 
managing properties within the geographic boundaries of the Brunswick Naval Air Station. The statutory provisions 
authorized pursuant to this legislation should result in no financial impact on state government as well as state 
finances. 
Additional costs to the Finance Authority of Maine associated with issuing the required certificate of approval can be 
absorbed utilizing existing budgeted resources. 
LR2604(3) - Fiscal Note - Page I of 1