An Act to Provide for the 2023 and 2024 Allocations of the State Ceiling on Private Activity Bonds
Maine Legislature, Session 131, LD 0184
Committee: Innovation, Development, Economic Advancement and Business
Sponsors: DAUGHTRY

Legislative Document
No. 184
S.P. 88
In Senate, January 13, 2023
An Act to Provide for the 2023 and 2024 Allocations of the State 
Ceiling on Private Activity Bonds
(EMERGENCY)
Submitted by the Finance Authority of Maine pursuant to Joint Rule 204.
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 DAUGHTRY of Cumberland.
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 2021, chapter 14 make a partial allocation of the state ceiling on private activity bonds 
to some issuers for calendar year 2023 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 it is 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 2023 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 2023.  
Five million dollars of the state ceiling for calendar year 2024 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 $100,000,000 of 
the state ceiling on private activity bonds for calendar year 2023 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 2023.  An additional $50,000,000 of the state ceiling on 
private activity bonds for calendar year 2023, previously unallocated, is allocated to the 
Finance Authority of Maine to be used or reallocated in accordance with Title 10, section 
363, subsection 6. One hundred million dollars of the state ceiling for calendar year 2024 
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 2023 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 2023.  Ten million dollars of the state ceiling for calendar 
year 2024 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 2023 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 2023.  An additional 
$15,000,000 of the state ceiling on private activity bonds for calendar year 2023, previously 
unallocated, is allocated to the Finance Authority of Maine to be used or reallocated in 
accordance with Title 10, section 363, subsection 8.  Twenty million dollars of the state 
ceiling for calendar year 2024 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 2023 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 2023.  Fifty million dollars of the state ceiling for calendar 
year 2024 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.  Ninety million one hundred fifteen thousand 
dollars of the state ceiling on private activity bonds for calendar year 2023 is unallocated 
and must be reserved for future allocation in accordance with applicable laws.  One hundred 
fifty million one hundred fifteen thousand dollars of the state ceiling for calendar year 2024 
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 2023 and 2024 among the state-level issuers of 
tax-exempt bonds.