| The Treasurer of State may deposit an amount not to exceed |
| $4,000,000 in each calendar year with responsible financial |
| institutions authorized to do business in the State at a rate of |
| return not more than 2% per year below the rate of return |
| otherwise obtainable had the funds been invested with such |
| financial institutions for a similar term, as determined by the |
| treasurer, for periods not to exceed one year, as long as each |
| financial institution covenants with the treasurer as a condition |
| of the deposit to loan an amount at least equal to the amount |
| deposited with the financial institution by the treasurer under |
| this paragraph to child care providers approved by the treasurer |
| pursuant to this paragraph.__All the loans must be at interest |
| rates that are below the interest rates the loans would have |
| borne under existing market conditions and loan standards of the |
| financial institution but for the deposit by the treasurer under |
| this paragraph, and the interest rates must fully reflect the |
| savings to the financial institution due to the reduced interest |
| rate paid on the deposit.__Notwithstanding any provisions of this |
| section to the contrary, the treasurer is not obligated to seek |
| competitive bids for investments or deposits pursuant to this |
| paragraph.__The Finance Authority of Maine shall provide |
| assistance to the treasurer in implementing this paragraph.__For |
| purposes of this paragraph, "child care provider" means a |
| licensed day care center or certified home day care provider as |
| defined in Title 22, section 8301-A, when the treasurer |
| determines that not less than one job will be created or retained |
| per $20,000 of deposited funds.__The maximum loan to any borrower |
| for which a deposit may be applied under this paragraph is |
| $100,000; child care providers are eligible to receive subsidies |
| pursuant to this paragraph for a maximum of an aggregate of 24 |
| months.__In adopting rules to implement this paragraph, the |
| treasurer shall consider criteria targeting loans under the |
| program to geographic areas of financial need and may establish |
| limits on deposits to any one financial institution, further |
| limits on deposits supporting loans to any one borrower and |
| further restrictions on eligibility.__Rules adopted pursuant to |
| this paragraph are routine technical rules pursuant to chapter |
| 375, subchapter II-A. |
