An Act To Provide for the 2020 and 2021 Allocations of the State Ceiling on Private Activity Bonds
Maine Legislature, Session 129, LD 2004
Committee: Innovation, Development, Economic Advancement and Business
Sponsors: HERBIG

Legislative Document
No. 2004
S.P. 706
In Senate, January 8, 2020
An Act To Provide for the 2020 and 2021 Allocations of the State 
Ceiling on Private Activity Bonds
(EMERGENCY)
Submitted by the Finance Authority of Maine pursuant to Joint Rule 203.
Reference to the Committee on Innovation, Development, Economic Advancement and 
Business suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator HERBIG of Waldo.
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 2019, chapter 2 make a partial allocation of the state ceiling on private activity 
bonds to some issuers for calendar year 2020 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 the 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 on private activity bonds for calendar year 2020 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 2020.  Five million dollars of the state ceiling for calendar year 2021 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 $40,000,000 of 
the state ceiling on private activity bonds for calendar year 2020 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 2020.  An additional $35,000,000 of the state ceiling 
on private activity bonds for calendar year 2020, previously unallocated, is allocated to 
the Finance Authority of Maine to be used or reallocated in accordance with Title 10, 
section 363, subsection 6.  Forty million dollars of the state ceiling for calendar year 2021 
is allocated to the Finance Authority of Maine to be used or reallocated in accordance 
with Title 10, section 363, subsection 6.
Sec. 3.  Allocation to the Maine Municipal Bond Bank.  The $10,000,000 of 
the state ceiling on private activity bonds for calendar year 2020 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 2020.  Ten million dollars of the state ceiling for 
calendar year 2021 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 Finance Authority of Maine as successor to the 
Maine Educational Loan Authority.  The $15,000,000 of the state ceiling on private 
activity bonds for calendar year 2020 previously allocated to the Finance Authority of 
Maine as successor to the Maine Educational Loan Authority 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 8 for calendar year 2020.  An 
additional $5,000,000 of the state ceiling on private activity bonds for calendar year 2020, 
previously unallocated, is allocated to the Finance Authority of Maine to be used or 
reallocated in accordance with Title 10, section 363, subsection 8.  Fifteen million dollars 
of the state ceiling for calendar year 2021 is allocated to the Finance Authority of Maine 
to be used or reallocated in accordance with Title 10, section 363, subsection 8.
Sec. 5.  Allocation to the Maine State Housing Authority.  The $50,000,000 
of the state ceiling on private activity bonds for calendar year 2020 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 for calendar year 2020.  Fifty million dollars of the state 
ceiling for calendar year 2021 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.  One hundred sixty-one million seven hundred 
seventy-five thousand dollars of the state ceiling on private activity bonds for calendar 
year 2020 is unallocated and must be reserved for future allocation in accordance with 
applicable laws.  Two hundred one million seven hundred seventy-five thousand dollars 
of the state ceiling for calendar year 2021 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 issuance of tax-exempt 
private activity bonds for calendar years 2020 and 2021 among the state-level issuers of 
tax-exempt bonds.