An Act To Create and Sustain High-quality Maine Jobs
Maine Legislature, Session 127, LD 1480
Committee Amendment CA_A_S363 (Senate)

COMMITTEE AMENDMENT " A " to S.P. 578, L.D. 1480, Bill, "An Act To 
Create and Sustain High-quality Maine Jobs" 
Amend the bill in section 1 in § 1026-U in subsection 1 in paragraph C in the first line 
(page 1, line 13 in L.D.) by striking out the following: "established" and inserting the 
following: 'authorized' 
Amend the bill in section 1 in §1026-U in subsection 2 in the first line (page 1, line 
in L.D.) by striking out the following: "established. The authority shall" and inserting 
the following: 'authorized. The authority may' 
Amend the bill in section 1 in § 1026-U in subsection 6 in paragraph B in the first line 
(page 2, line 17 in L.D.) by inserting after the following: "funding" the following: 'from 
bonds issued pursuant to subsection 7' 
Amend the bill in section 1 in § 1026-U by striking out all of subsections 7 to 9 (page 
2, lines 22 to 32 in L.D.) and inserting the following: 
'7. 
Bonding authorization. 
The authority may provide by resolution for the 
issuance of bonds in accordance with subsection 6. paragraph B for the purpose of 
funding business development projects. Bonds issued pursuant to this subsection do not 
constitute a general obligation of the authority. and the authority may not pledge an 
obligation under section 1053 or otherwise seek an appropriation for repayment. Bonds 
issued under this subsection do not constitute a debt of the State or any agency or political 
subdivision of the State and are payable solely from the revenues of the business 
development project for which the bonds are issued. Neither the faith nor credit nor 
taxing power of the State or any political subdivision of the State may be pledged to 
payment of the bonds issued under this subsection. Notwithstanding any other provision 
of law. any bonds issued pursuant to this subsection are fully negotiable. If any member 
of the authority whose signature appears on the bond or coupons ceases to be a member 
of the authority before the delivery of those bonds. that signature is valid and sufficient 
for all purposes as if that member of the authority had remained a member of the 
authority until delivery. 
COMMITTEE AMENDMENT 
ROFS 
COMMITIEE AMENDMENT" /Jr" to S.P. 578, L.D. 1480 
8. Requirements of recipient. A recipient of financial support under subsection 6 
shall provide the following. 
A. In addition to repayment of the financial support received under subsection 6 
pursuant to the terms set by the authority. within 5 years after the completion of the 
business development project the recipient shall pay to the fund an amount equal to 
10% of the amount of the financial support received under subsection 6 pursuant to 
terms determined by the authority. 
B. The recipient shall report to the authority 5 years after completion of the business 
development project. 
The report must include a description of the business 
development project and the number of jobs created or retained. The report must 
identify the entity or entities using the business development project and, for each 
entity, indicate the extent to which the entity is owned or managed by minorities or 
women, the percentage of the entity's operations located within and outside the State, 
the entity's payroll and the property taxes paid by the entity. 
9. Report. The authority shall report annually, on or before January 1st, to the joint 
standing committee of the Legislature having jurisdiction over economic development 
matters. The report must include a description of each business development project 
under the program, the amount, type and terms of financial support the business 
development project received and the information reported to the authority pursuant to 
subsection 8. The report must contain an accounting of the fund, bonds issued pursuant 
to subsection 7 and any loans or bonds that are in default. The accounting must include, 
at a minimum, identification of amounts received from each public or private source, 
identification of amounts returned to each public or private source and an accounting of 
the authority's implementation and administration expenses incurred and charged to the 
fund. 
The committee may request that the joint legislative committee established to oversee 
program evaluation and government accountability matters direct the Office of Program 
Evaluation and Government Accountability to review the program as provided in Title 3, 
section 991. 
10. Rules. The authority may adopt rules as necessary to implement this section. 
Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, 
chapter 375, subchapter 2-A.' 
Amend the bill in section 2 in the 4th line (page 2, line 36 in L.D.) by striking out the 
following: "$250,000,000" and inserting the following: '$50,000,000' 
SUMMARY 
This amendment authorizes, instead of requiring, the Finance Authority of Maine to 
establish the Maine Capital Investment Program and reduces the amount of funding 
required for the bill to take effect from $250,000,000 to $50,000,000. 
This amendment eliminates the provision of the bill that provides that investments 
into the Maine Capital Investment Fund may be eligible for the seed capital investment 
tax credit. 
COMMITTEE AMENDMENT 
) 
"j{..,,,~•J' 
ROFS 
COMMITTEE AMENDMENT" A" to S.P. 578, L.D. 1480 
This amendment authorizes the authority to issue bonds for the purpose of funding 
business development projects and specifies that such bonds are not general obligation 
bonds of the authority or the State or any agency or political subdivision of the State. 
This amendment requires a report to the authority by each recipient of financial 
support under the program as well as an annual report from the authority to the joint 
standing committee of the Legislature having jurisdiction over economic development 
matters regarding the business development projects that have received financial support 
and the administration of the program. The committee may request an independent 
evaluation of the program by the Office of Program Evaluation and Government 
Accountability. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 02/11/16 
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LD 1480 
LR 2196(02) 
An Act To Create and Sustain High-quality Maine Jobs 
Fiscal Note for Bill as Amended by Committee Amendment 'jF' (S -s'13) 
Committee: Labor, Commerce, Research and Economic Development 
Fiscal Note Required: Yes 
Fiscal Note 
Maine Capital Investment Program authorized 
Fiscal Detail and Notes 
Contingent upon receipt of at least $50,000,000 in appropriations, allocations or other funding sources, this bill 
authorizes the Maine Capital Investment Program within the Finance Authority of Maine and establishes a nonlapsinp 
revolving loan and equity fund to provide loans or bond funding to certain eligible business projects. The Finance 
Authority of Maine has indicated that it will be able to implement and administer the program within the provisions 
established in this legislation. 
LR2 l 96(02) - Fiscal Note - Page 1 of 1 
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