An Act To Provide for the 2005 and 2006 Allocations of the State Ceiling on Private Activity Bonds
Maine Legislature, Session 122, LD 1482
Committee: Business, Research and Economic Development
Sponsors: BROMLEY, RECTOR, BARTLETT, HOBBINS, AUSTIN, BARSTOW, BEAUDETTE, SMITH

Legislative Document 
No. 1482 
S.P.508 
In Senate, March 24, 2005 
An Act To Provide for the 2005 and 2006 Allocations of the State 
Ceiling on Private Activity Bonds 
(EMERGENCY) 
Reference to the Committee on Business, Research and Economic Development suggested 
and ordered printed. 
JOY J. O'BRIEN 
Secretary of the Senate 
Presented by Senator BROMLEY of Cumberland. (GOVERNOR'S BILL) 
Cosponsored by Representative RECTOR of Thomaston and 
Senators: BARTLETT of Cumberland, HOBBINS of York, MAYO ofSagadahoc, 
Representatives: AUSTIN of Gray, BARSTOW of Gorham, BEAUDETTE of Biddeford, 
SMITH of Monmouth. 
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 
make 
a partial 
allocation of the state ceiling on private activity bonds to some 
issuers for calendar year 2005, 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 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 wi thin 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 2005 was previously allocated to the 
Treasurer of State. 
Five million dollars of the state ceiling 
for calendar year 2005 is allocated to the Treasurer of State to 
be used or reallocated in accordance with the Maine 
Revised 
Statutes, Title 10, 
section 363, 
subsection 5. 
Five million 
dollars of the state ceiling for calendar year 2006 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 Finance Authority of Maine. 
The following 
amounts are allocated to the Finance Authority of Maine. 
1. 
The $30,000,000 in state ceiling for calendar year 2005 
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 2005. 
Thir.ty 
million dollars of the state ceiling for calendar year 2006 is 
allocated to 
the 
Finance 
Authority of 
Maine 
to 
be 
used 
or 
reallocated in accordance with Title 10, section 363, subsection 
6. 
Page l-LR2l38(1) 
2. 
No portion of the state ceiling for calendar year 2005 
was previously allocated to the Finance Authority of Maine to be 
used in accordance with the Maine Revised Statutes, Title 10, 
section 363, subsection 8-A. 
Forty million dollars of the state 
ceiling for 
calendar 
year 
2005 
is allocated to 
the 
Finance 
Authority of Maine, the entity designated pursuant to Title 20-A, 
section 11407, to use in accordance with Title 10, section 363, 
subsection 8-A. 
No portion of the state ceiling for calendar 
year 2006 is allocated to the Finance Authority of Maine, 
the 
entity designated pursuant to Title 20-A, section 11407, to be 
used in accordance with Title 10, section 363, subsection 8-A. 
Sec. 
3. 
Allocation 
to 
Maine 
Municipal 
Bond 
Bank. 
The 
$10,000,000 
of 
the 
state 
ceiling 
for 
calendar 
year 
2005 
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 
for 
calendar 
year 
2005. 
Ten 
million dollars of the state ceiling for calendar year 2006 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. 
The 
$10,000,000 
of 
the 
state 
ceiling 
for 
calendar 
year 
2005 
previously allocated to 
the 
Maine 
Educational 
Loan Authority 
remains allocated to the Maine Educational Loan Authority to be 
used in accordance with the Maine Revised Statutes, Title 10, 
section 363, 
subsection 8. 
An 
additional $10,000,000 of the 
state ceiling for calendar year 2005 is allocated to the Maine 
Educational Loan Authority to be used in accordance with Title 
10, section 163, subsection 8. 
No portion of the state ceiling 
for calendar year 2006 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 
2005 
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 
2005. 
Forty 
million dollars of the state ceiling for calendar year 2006 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. 
Of 
the state ceiling for 
calendar 
year 
2005, 
$94,180,000 
is 
unallocated 
and 
must 
be 
reserved 
for 
future 
allocation in accordance with applicable 
laws. 
Of the state ceiling for calendar year 2006, $154,180,000 
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 
2005 
and 
2006. 
Under federal law, a maximum of $239,180,000 in tax-exempt 
bonds benefiting private individuals or entities may be issued in 
Maine each year in 2005 and 2006. 
This bill allocates the state 
ceiling among the state-level issuers of tax-exempt bonds.