An Act To Provide for the 2008 and 2009 Allocations of the State Ceiling on Private Activity Bonds
Maine Legislature, Session 123, LD 2185
Committee: Business, Research and Economic Development
Sponsors: BROMLEY, SMITH, COURTNEY, SCHNEIDER, AUSTIN, BEAUDETTE, BEAULIEU, RECTOR, SAMSON

Legislative Document 
No. 2185 
S.P.843 
February 5, 2008 
An Act To Provide for the 2008 and 2009 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 1. O'BRIEN 
Secretary of the Senate 
Presented by Senator BROMLEY of Cumberland. (GOVERNOR'S BILL) 
Cosponsored by Representative SMITH of Monmouth and Senators: COURTNEY of York, 
SCHNEIDER of Penobscot, Representatives: AUSTIN of Gray, BEAUDETTE of Biddeford, 
BEAULIEU of Auburn, MacDONALD of Boothbay, RECTOR of Thomaston, SAMSON of 
Auburn. 
Printed on recycled paper 
Emergency preamble. Whereas, acts and resolves 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 2007, chapter 18 make a partial allocation of the state ceiling on private activity 
bonds to some issuers for calendar year 2008, 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 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 the Treasurer of State. The $5,000,000 of the state 
ceiling for calendar year 2008 previously allocated to the Treasurer of State remains 
allocated to the Treasurer of State to be used or reallocated in accordance with the Maine 
Revised Statutes, Title 10, section 363, subsection 5 for calendar year 2008. Five million 
dollars of the state ceiling for calendar year 2009 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 the Finance Authority of Maine. The state ceiling or 
private activity bonds allocated to the Finance Authority of Maine are: 
1. The $45,000,000 of the state ceiling for calendar year 2008 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 2008. 
Fifteen million dollars of the previously 
unallocated state ceiling for calendar year 2008 is allocated to the Finance Authority of 
Maine to be used or reallocated in accordance with Title 10, section 363, subsection 6 for 
calendar year 2008. Forty million dollars of the state ceiling for calendar year 2009 is 
allocated to the Finance Authority of Maine to be used or reallocated in accordance with 
Title 10, section 363, subsection 6. 
2. The $50,000,000 of the state ceiling for calendar year 2008 previously allocated to 
the Finance Authority of Maine remains allocated to the Finance Authority of Maine, the 
entity designated pursuant to Title 20-A, section 11407, to be used or reallocated in 
accordance with Title 10, section 363, subsection 8-A. Fifty million dollars of the state 
ceiling for calendar year 2009 is allocated to the Finance Authority of Maine, the entity 
Page) - 123LR3460(Ol)-1 
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 the Maine Municipal Bond Bank. The $10,000,000 of 
the state ceiling for calendar year 2008 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 2008. Ten million dollars of the state ceiling for calendar year 2009 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 the Maine Educational Loan Authority. 
The 
$20,000,000 of the state ceiling for calendar year 2008 previously allocated to the Maine 
Educational Loan Authority remains 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 for calendar year 2008. Twenty million dollars of the previously 
unallocated state ceiling for calendar year 2008 is allocated to the Maine Educational 
Loan Authority to be used in accordance with Title 10, section 363, subsection 8. Forty 
million dollars of the state ceiling for calendar year 2009 is allocated to the Maine 
Educational Loan Authority to be used in accordance with Title 10, section 363, 
subsection 8. 
Sec. 5. Allocation to the Maine State Housing Authority. The $40,000,000 
of the state ceiling for calendar year 2008 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 in calendar year 2008. Forty million dollars of the previously unallocated 
state ceiling for calendar year 2008 is allocated to the Maine State Housing Authority to 
be used in accordance with Title 10, section 363, subsection 4. Forty million dollars of 
the state ceiling for calendar year 2009 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 2008, 
$17,095,000 is unallocated and must be reserved for future allocation in accordance with 
applicable laws. Of the state ceiling for calendar year 2009, $77,095,000 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 
legislation takes effect when approved. 
SUMMARY 
This bill establishes the allocations of the state ceiling on the issuance of tax-exempt 
bonds for calendar years 2008 and 2009. Under federal law, a maximum of $262,095,000 
in tax-exempt bonds benefiting private individuals or entities may be issued in Maine in 
2008 and at least $262,095,000 in tax-exempt bonds benefiting private individuals or 
entities may be issued in Maine in 2009. This bill allocates the state ceiling among the 
state-level issuers of tax-exempt bonds.