Sec. 1. 4 MRSA §1621 is enacted to read:

§1621.__Limitation of authority powers; duties

On and after the effective date of this section, the authority may not exercise any of its powers and duties under this chapter; except that the authority shall properly exercise its powers and duties related to any project, projects or part of a project for which securities were issued by the authority before the effective date of this section.

SUMMARY

This bill terminates the authority of the Maine Governmental Facilities Authority to exercise its powers and duties beyond the effective date of this bill except for those projects for which securities have already been issued.