An Act To Provide for the 2009 and 2010 Allocations of the State Ceiling on Private Activity Bonds
Maine Legislature, Session 124, LD 1014
Committee: Business, Research and Economic Development
Sponsors: SCHNEIDER, SMITH, RECTOR, SULLIVAN, AUSTIN, COHEN, GILES, PRESCOTT, WRIGHT

Legislative Document 
No. 1014 
S.P.378· 
In Senate, March 17, 2009 
An Act To Provide for the 2009 and 2010 Allocations of the State 
Ceiling on Private Activity Bonds 
(EMERGENCy) 
Reference to the Committee on Business, Research and Economic Development suggested 
and ordered printed. 
CJtf}(J-~· 
JOY J. O'BRIEN 
Secretary of the Senate 
Presented by Senator SCHNEIDER of Penobscot. (GOVERNOR'S BILL) 
Cosponsored by Representative SMITH of Monmouth and 
Senators: RECTOR of Knox, SULLIVAN of York, Representatives: AUSTIN of Gray, 
COHEN of Portland, GILES of Belfast, MacDONALD of Boothbay, PRESCOTT of Topsham, 
WRIGHT of Berwick. 
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 
~aw 2007, chapter 18 make a partial allocation of the state ceil ing on private activity 
bonds to some issuers for calenda~ year 2009 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 might 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 Treasurer of State. The $5,000,000 in state ceiling for 
calendar year 2009 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 2009. Five million dollars 
of the state ceiling for calendar year 2010 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 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 calendar year 2009 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 2009. Forty million dollars of the state ceiling for calendar 
year 2010 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 in state ceiling for calendar year 2009 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. Twenty 
million dollars of previously unallocated 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 for calendar year 2009. Sixty million dollars of the state ceiling 
for calendar year 2010 is allocated to the Finance Authority of Maine, the entity 
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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 2009 previously allocated to the Maine Municipal Bond 
Bank remains allocated to the Maine MunicipaJ'Bond Bank to be used or reallocated in 
accordance with the Maine Revised Statutes, Title 10, section 363, subsection 7 for 
calendar year 2009. Ten million dollars of the state ceiling for calendar year 20 lOis 
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 $40,000,000 
of the state ceiling for calendar year 2009 previously allocated to the Maine Educational 
Loan Authority remains allocated to the Maine Educational Loan Authority to be used or 
realloc'ated in accordance with the Maine Revised Statutes, Title 10, section 363, 
subsection 8 for calendar year 2009. Forty million dollars of the state ceiling for calendar 
year 2010 is allocated to the Maine Educational Loan Authority to be used in accordance 
with Title 10, section 363, subsection 8. 
Sec. 5. Allocation to Maine State Housing Authority.'. The $40;000,000 of 
. the state ceiling for calendar year 2009 previously aIlocated 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 2009. Ten million dollars of previously unallocated state 
ceiling for calendar year 2009 is 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 2009. Fifty million doIlars of the state ceiling for cale-ndar 
year 2010 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 2009, 
$58,270,000 is unaIlocated and must be reserved for future allocation in accordance with 
applicable laws. Of the state ceiling for calendar year 2010, $68,270,000 is unallocated 
and must be reserved for future allocation in accordance with applicable laws. 
Emergep.cy clause. 
In view of the emergency cited in the preamble, this 
legislation takes effect when approved. 
SUMMARY 
This bill establishes the aIlocations of the state ceiling on issuance of tax-exempt 
bonds for calendar years 2009 and 2010. Under federal law, a maximum of$273,270,000 
in tax-exempt bonds~ benefiting private individuals or entities may be issued in the State 
in 2009, and at least $273,270,000 in tax-exempt bonds benefiting private individuals or 
entities may be issued in the State in 2010. This bill allocates the state ceiling among the 
state-level issuers of tax-exempt bonds.