An Act To Provide for the 2010 and 2011 Allocations of the State Ceiling on Private Activity Bonds
Maine Legislature, Session 124, LD 1743
Committee: Business, Research and Economic Development
Sponsors: SMITH, SCHNEIDER, AUSTIN, COHEN, HUNT, MARTIN, PRESCOTT, WRIGHT, RECTOR

Legislative Document 
No. 1743 
'H.P.1240 
House of Representatives, January 14,2010 
An Act To Provide for the 2010 and 2011 Allocations of the State 
Ceiling on Private Activity Bonds 
(EMERGENCY) 
Reference to the Committee on Business, Research and Economic Development suggested 
and ordered printed. 
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1J7.I1!II£~{ 
MILLICENT M. MacFARLAND 
Clerk 
Presented by Representative SMITH of Monmouth. (GOVERNOR'S BILL} 
Cosponsored by Senator SCHNEIDER ofPeriobscot and 
Representatives: AUSTIN of Gray, COHEN of Portland, HUNT of Buxton, MARTIN of 
Orono, PRESCOTT of Topsham, WRIGHT of Berwick, Senator: RECTOR of Knox. 
Printed on recycled pi1pcr 
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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 Maille Revised Statutes, Title 10, section 363 and Private and Special 
Law 2009, chapter 14 make a partial allocation of the state ceiling on private activity 
bonds to some issuers for calendar year 2010, but leave a portion of the state ceiling 
unallocated and do not provide suffici_ent allocations for certain types of private activity 
bonds that may require an allocation prior to the efft;:ctivedate. of this Act if not enacted 
on an emergency basis; and 
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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, i~ 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, 
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Be it enacted by the People of the Stl,lte of Maine as follows: 
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Sec. 1. Allocation to the Treasurer of State: The $5,000,000 in state ceiling 
for calendar year 2010 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 2010. Five million dollars 
of the state ceiling for calendar year 2011 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 on 
private activity bonds allocated to the Finance Authority of Maine is as follows .. 
1. The $40,000,000 in state ceiling for c,alendar year 2010 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 2010. Forty million dollars of the state ceiling for calendar 
year 2011 is allocated to the Finance Authority of Maine to be used or reallocated 111 
accordance with Title 10, section 363, subsection 6. 
2. The $60,000,000 in state ceiling for calendar year 2010 previously allocated to the 
Finance Authority of Maine remains allocated to the Finance Authority of Maine, the 
entity designated pursuant to the Maine Revised Statutes, Title 20-A, section 11407, to be 
used or reallocated in 'accordance with Title 10, section 363, subsection 8-A. Ten million 
dollars of previously unallocated state ceiling for calendar year 2010 is allocated to the 
Finance Authority of Maine to be used orreallocated in accordance with Title 10, section 
363, subsection 8-A for calendar year 2010. Forty million dollars of the state ceiling for 
calendar year 2011 is allocated to the Finance Authority of Maine, the entity designated 
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pursuant to Title 20-A, section 11407, to be used in accordance with Title_l0, 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 2010 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, Tide 10., section 363, subsection 7 for 
calendar year 2010. Ten million dollars of the state ceiling for calendar year 2011 is 
allocated to the Maine Municipal Bond Bank to be used .or reallocated in accordance with 
Title 10, section 363, subsection 7. 
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Sec. 4. 
Allocation to tbeMaine EducatiOB:nal Loan Authority. Twenty 
million dollars of the $40,000,000 of state ceiling for calendar year 2010 prC?viously 
allocated to the Maine Educational Loan Authority remains allocated to the Maine 
Educational Loan Authority to be used or realloc~ted in accordance with the Maine 
Revis.ed Statutes, Titie 10, section 363, subsection 8 for calendar year 2010. Twenty 
million dollars of the state ceiling for calendar year 2011 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 $50,000,000 
of t1ie state c~iling for calendar year 2010 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 2010. Forty million dollars of the state ceiling for calendar 
year 2011 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 2010, 
$78,775,000 is unallocated and must be reserved for future allocation in accordance with 
applicable laws. Of the state ceiling for calendar year 2011, $118,775,000 is unallocated 
and must be reserved for future allocation in accordance with applicable laws. 
Emergency clause. 
In view of the emerg~ncy cited in the preamble, this 
legislation takes effect when approved. 
SUMMARY 
This bill establishes the allocations of the state ceiling on issuance of tax-e~empt 
bonds for calendar years 2010 and 2011. Under federal law, a maximum of $273,775,000 
in tax-exempt bonds benefiting private individuals or entities may be issued in the State 
in 2010 and at least $273)75,000 in tax-exempt bonds benefiting private individuals or 
entities may be issued in the State in 2011. This bill allocates the state ceiling among the 
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state level issuers of tax-exempt bonds.