An Act To Facilitate the Provision of Educational Loans for Maine Students and Families
Maine Legislature, Session 123, LD 2300
Senate Amendment SA_A_S662 (Senate)

SENATE AMENDMENT "4 "to S.P. 918, L.D. 2300, Bill, "An Act To Facilitate 
the Provision of Educational Loans for Maine Students and Families" 
Amend the bill in section 1 in § 1 1496-A in subsection 1 in the last line (page 1, line 
in L.D.) by inserting after the following: "authority." the following: 'The authority may 
not create or establish any capital reserve fund under this subsection after June 30, 2009.' 
Amend the bill in section 1 in § 11496-A in subsection 3 in paragraph A in the last 
line (page 1, line 38 in L.D.) by striking out the following: "December 31" and inserting 
the following: 'June 30' 
Amend the bill in section 1 in § 11496-A by striking out all of subsection 6 (page 2, 
lines 24 to 32 in L.D.) and inserting the following: 
'6. Appropriation. On or before December 1st, annually, the authority shall certity 
to the Governor the amount, if any, necessary to restore the amount in any capital reserve 
fund established pursuant to subsection 1, in accordance with the trust agreement or other 
document pursuant to which bonds secured by the capital reserve fund were issued, to the 
capital reserve requirement under subsection 3. The Governor shall transmit directly to 
the Legislature that certification and a statement of the amount, if any, remaining to be 
paid. The amount certified must be appropriated and paid to the authority during that 
state fiscal year.' 
SUMMARY 
This amendment provides that the Finance Authority of Maine may not create or 
establish any capital reserve fund under the provisions of the Maine Revised Statutes, 
Title 20-A, section 11496-A after June 30, 2009. This amendment also removes the 
SENATE AMENDMENT 
SENATE AMENDMENT" A" to S.P. 918, L.D. 2300 
I 
provision that required the Governor to pay directly from the State Contingent Account to 
the capital reserve fund the amou 
certifie}l by the aut~l 
s necessary to restore the 
reserve fund to the level requ .,~ u 
r sctio I 
;(,., s bse tion 3. 
; -
I 
SPONSORED BY: ----j7'----¥---..::.,fI-..:o.-:::~'_t_:.f__7'bo_"/\ 
(Senator ROTUND 
COUNTY: Androscoggin 
FISCAL \OTE RE<,JLlRED 
l~ee ~ttach~~)_ 
SENATE AMENDMENT 
Approved: 04115/08 hac:.. 
LD 2300 
LR 3607(04) 
An Act To Facilitate the Provision of Educational Loans for Maine Students and Families 
Fiscal Detail and Notes 
Fiscal Note for Senate Amendment ,A " 
Sponsor: Sen. Rotundo of Androscoggin 
Fiscal Note Required: Yes 
Fiscal Note 
No net fiscal impact 
This amendment eliminates the· provision that required the Governor to pay directly from the State Contingent 
Account to the capital reserve fund the amount necessary to restore the balance in the Fund to the required amount. 
As amended, this legislation pledges the moral obligation of the State for student loan bonds. It requires the Finance 
Authority of Maine to certify to the Governor the amount necessary to restore the balance in the Capital Reserve Fund 
to no less than the applicable capital reserve requirement and requires the certified amount to be appropriated and paid 
to the Finance Authority of Maine during that fiscal year. 
LR3607(04) - Fiscal Note - Page I of 1