An Act Regarding the Operations of the Greater Portland Public Development Commission (AFTER DEADLINE)
Maine Legislature, Session 123, LD 2186
Committee: Business, Research and Economic Development
Sponsors: CUMMINGS, BLISS, EBERLE, BARTLETT, BROMLEY

Legislative Document 
No. 2186 
H.P.1556 
House of Representatives, February 5,2008 
An Act Regarding the Operations of the Greater Portland Public 
Development Commission 
(AFTER DEADLINE) 
Approved for introduction by a majority of the Legislative Council pursuant to Joint Rule 
205. 
Reference to the Committee on Business, Research and Economic Development suggested 
and ordered printed. 
Presented by Speaker CUMMINGS of Portland. 
'/1l~ 111· 7IlP£~ 
MILLICENT M. MacFARLAND 
Clerk 
Cosponsored by Representatives: BLISS of South Portland, EBERLE of South Portland, 
Senators: BARTLETT of Cumberland, BROMLEY of Cumberland. 
Prmtt:J nn recycled paper 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1. P&SL 1945, c. 123, §7, 2nd~, as enacted by PL 1979, c. 27, is amended 
to read: 
The Executive Director of the Maine £tate Public Employees Retirement System 
shall determine the commission's liability as of that date and shall forward fl-i.s that 
determination of that amount to the commission. The commission shall, as soon as 
practicable, forward that amount to the Executive Director of the Maine £tate Public 
Employees Retirement System, wIHefl who shall accept that amount as complete and final 
funding for all accrued retirement benefits for which the commission is liable as of that 
IOdate. Any funds or other assets of the commission remaining after this payment to the 
Maine £tate Public Employees Retirement System and the payment of the commission's 
other liabilities and obligations shalt must, upon termination of its operations, be paid to f! 
l3 
Maine nonprofit corporation, exempt from federal income tax under Section 501(c)(3) of 
the Internal Revenue Code, whose mission is to help create economically healthy 
communities and to promote economic development through prudent lending of funds to 
assist business enterprises where conventional loans from banks and other commercial 
lenders may be unavailable or inadequate and through the servicing of loans to such 
business enterprises. Such remaining commission funds and assets must be used solely to 
promote economic development and employment opportunities in the City of Portland 
and the City of South Portland with special emphasis on job creation and retention for 
persons of low or moderate income. If an organization receiving funds or other assets 
from the commission pursuant to this section ceases to carry out the mission described 
herein, then such funds and assets transferred from the commission may be transferred to 
a successor of that organization, as long as that successor continues the mission and 
activities described in this section. If such funds and assets are not transferred to an 
eligible successor, they must be paid to the Treasurer of State to be added to the General 
Fund of the State. Upon the transfer, in accordance with this section, of all of such 
commission funds and assets, whether liquid or illiquid, including, without limitation, 
outstanding loans and other financial assets, to a Maine nonprofit corporation as 
described in this section, upon such commercially reasonable terms as the commissioners 
consider appropriate given the intended use of such remaining funds and assets, and with 
adequate provision made for the safeguarding of such funds over time, the commission's 
operations and continuing legal existence terminate. 
SUMMARY 
This bill directs the disposition of funds and other assets of the Greater Portland 
Public Development Commission, which was created by the Legislature in 1945 to 
dispose of World War II South Portland shipyard assets and to promote economic 
development in the City of Portland and the City of South Portland. 
This bill authorizes the permanent transfer or assignment of the commission's 
remaining funds and other assets to a nonprofit organization with a mission consistent 
with the commission's mission to continue the commission's economic development 
efforts in the City of Portland and the City of South Portland and provides for the 
subsequent termination of the commission's legal existence.