The commissioner may defer principal and interest payments up to 4 years for the loan amount under this paragraph.

Disbursements under this paragraph may be made during the construction phase of the project.

Approval of loans under this paragraph is subject to the same credit criteria and conditions used for all other borrowers under the programs set forth in this subchapter.

Any rules adopted to implement the requirements of this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.

This paragraph is repealed December 31, 2001.

Sec. 2. Availability of funds. The Commissioner of Agriculture, Food and Rural Resources shall make available from the Agricultural Marketing Loan Fund bond funds approved pursuant to Private and Special Law 1995, chapter 81 in the amount of $1,000,000 for the purposes stated in the Maine Revised Statutes, Title 7, section 435, subsection 2, paragraph F. This section is repealed December 31, 2001.

Sec. 3. Report. The Department of Agriculture, Food and Rural Resources and the Finance Authority of Maine shall, working jointly, report back to the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs by January 20, 2000, January 20, 2001 and January 20, 2002 on the financial status of loans provided for cranberry projects, pursuant to the Maine Revised Statutes, Title 7, section 435, subsection 2, paragraph F. The report also must include data that summarizes those incidences of the Commissioner of Agriculture, Food and Rural Resources overriding loan recommendations by the Finance Authority of Maine related to cranberry projects.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

FISCAL NOTE

This bill will expand the pool of applicants eligible for loans from the Agricultural Marketing Loan Fund. It also requires that $1,000,000 of amounts in the fund be made available for loans for cranberry projects. This is not expected to have