Sec. B-4. 10 MRSA §1026-N, sub-§4, ¶B-1 is enacted to read:

B-1.__The authority has rights equal to those of all other investors in the private venture capital fund;

Sec. B-5. 10 MRSA §1026-N, sub-§5, as enacted by PL 1995, c. 424, §1, is amended to read:

5. Administrative costs. A private venture capital fund may not use any money disbursed more than 4% annually of the amount invested from the fund by the authority for administrative expenses or load charges. The authority shall review and approve a private venture capital fund's administrative expenses on an annual basis. The authority may establish by rule reasonable administrative fees for its administration of the fund.

Sec. B-6. 10 MRSA §1026-N, sub-§6, as enacted by PL 1995, c. 424, §1, is repealed.

Sec. B-7. 10 MRSA §1026-N, sub-§7, as enacted by PL 1995, c. 424, §1, is amended to read:

7. Reports. A private venture capital fund shall report at least semiannually to the authority on the businesses in which the private venture capital fund invests and the administration of the program. The report must include a description of each business, the amount, type and terms of assistance the business received, the amount of funds invested in businesses that meet the criteria of section 1100-T, subsection 2, paragraph B, the number of jobs that were created or retained and other information the authority requires. The report must contain an accounting of the investment portfolio and any investments that are in default, as well as an accounting of the private venture capital fund's administrative and technical assistance expenses incurred and charged.

Sec. B-8. Transfer to the Maine Economic Development Venture Capital Revolving Investment Program Fund. On the effective date of this Part, the Finance Authority of Maine shall transfer up to $3,000,000 from the Economic Recovery Program Fund to the Maine Economic Development Venture Capital Revolving Investment Program Fund.

PART C