Sec. 1. 10 MRSA §1023-L is enacted to read:

§1023-L.__Sign Manufacturer Revolving Loan Fund

1.__Creation of fund.__The Sign Manufacturer Revolving Loan Fund, referred to in this section as the "fund," is established by the authority to provide loans to advertising sign manufacturers in this State.__The fund contains appropriations provided for that purpose, all repayments of principal and interest of loans under this section and interest earned by the fund prior to its allocation for individual loans.__Interest and principal payments required by loan defaults are charged to the fund to which repayments are applied.__The authority has sole responsibility for the allocation and distribution of the fund and for appropriations and repayments applied to the fund.__Any funds appropriated for this purpose may not lapse, but must remain available for the purpose set forth in this section.__The authority shall adopt rules for determining eligibility, terms, conditions and security for loans under this section.__Rules adopted pursuant to this section are routine technical rules under Title 5, chapter 375, subchapter II-A.

2.__Administrative expenses.__All interest earned by the fund, either by means of investment or loan payments, is available to the authority.__The authority shall allocate these funds primarily for administrative services.

3.__Deposited with authority or invested.__Money in the fund, not needed currently to meet the obligations of the authority, as provided for in this section, must be deposited with the authority to the credit of the fund or may be invested in such manner as is provided for by statute.

Sec. 2. Appropriation. The following funds are appropriated from the General Fund to carry out the purposes of this Act.

1999-00

FINANCE AUTHORITY OF MAINE

Sign Manufacturer Revolving

Loan Fund

All Other $100,000

Provides funds to capitalize the Sign Manufacturer Revolving Loan Fund.