An Act to Provide for the 2024 and 2025 Allocations of the State Ceiling on Private Activity Bonds
Maine Legislature, Session 131, LD 2160
Committee: Innovation, Development, Economic Advancement and Business
Sponsors: CURRY

Legislative Document
No. 2160
S.P. 916
In Senate, January 9, 2024
An Act to Provide for the 2024 and 2025 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 CURRY 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 2023, chapter 5 make a partial allocation of the state ceiling on private activity bonds 
to some issuers for calendar year 2024 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 2024 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 2024.  
Five million dollars of the state ceiling for calendar year 2025 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, including as successor 
to the Maine Educational Loan Authority.  The $100,000,000 of the state ceiling on 
private activity bonds for calendar year 2024 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 2024.  The $20,000,000 of the state ceiling on private activity bonds for 
calendar year 2024 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 2024.  An additional $105,000,000 of the state ceiling 
on private activity bonds for calendar year 2024, previously unallocated, is allocated to the 
Finance Authority of Maine to be used or reallocated in accordance with Title 10, section 
363, subsections 6 and 8. One hundred ninety-five million dollars of the state ceiling for 
calendar year 2025 is allocated to the Finance Authority of Maine to be used or reallocated 
in accordance with Title 10, section 363, subsections 6 and 8.
Sec. 3.  Allocation to the Maine Municipal Bond Bank.  The $10,000,000 of 
the state ceiling on private activity bonds for calendar year 2024 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 2024.  Ten million dollars of the state ceiling for calendar 
year 2025 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 Maine State Housing Authority.  The $50,000,000 of 
the state ceiling on private activity bonds for calendar year 2024 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 2024.  An additional $50,000,000 of the state ceiling on 
private activity bonds for calendar year 2024, previously unallocated, is allocated to the 
Maine State Housing Authority to be used or reallocated in accordance with Title 10, 
section 363, subsection 4.  One hundred million dollars of the state ceiling for calendar year 
2025 is allocated to the Maine State Housing Authority to be used or reallocated in 
accordance with Title 10, section 363, subsection 4.
Sec. 5.  Unallocated state ceiling.  Thirty-eight million two hundred thirty thousand 
dollars of the state ceiling on private activity bonds for calendar year 2024 is unallocated 
and must be reserved for future allocation in accordance with applicable laws.  Sixty-eight 
million two hundred thirty thousand dollars of the state ceiling for calendar year 2025 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 2024 and 2025 among the state-level issuers of 
tax-exempt bonds.