LD 2684
pg. 2
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LR 4144
Item 1
 
2-A. Recommendation of Governor and issuers. At any time
action of the Legislature under subsection 1-A is necessary or
desirable, the Governor shall recommend to the appropriate
committee of the Legislature a proposed allocation or
reallocation of all or part of the state ceiling. To assist the
Governor in making a recommendation of proposed allocations of
the federal state ceiling on private activity bonds, the Finance
Authority of Maine shall conduct an annual survey of the State's
pulp and paper companies during the years 1994 through 2000 to
determine what projects they are considering that are eligible
for tax-exempt financing the group of 7 representatives described
in subsection 1-A shall make a recommendation regarding
allocation or reallocation of the state ceiling. The results of
this survey must be taken into consideration in the Governor's
recommendation. This recommendation must, including the results
of the survey, be considered by the Legislature prior to taking
any such action. In order to assist the group in making its
recommendation and to assist the Governor and the Legislature,
the State Planning Office shall prepare an annual analysis of the
State's economic outlook, prevailing interest rate forecasts
related to tax-exempt financing by the issuers specifically
identified in subsections 4 to 8, the availability to those
issuers of alternative financing from sources that do not require
an allocation of the state ceiling and the relationship of these
factors and various public policy considerations to the
allocation or reallocation of the state ceiling. In recommending
any allocation or reallocation of the state ceiling to the
Legislature, the Governor shall consider the requests and
recommendations of those issuers of bonds within the State
designated in this section and shall explain the basis of any
recommendation that varies from the requests and recommendation
of those issuers, the recommendations of the group of
representatives described in subsection 1-A and the annual
analysis of the State Planning Office.

 
Sec. 3. 10 MRSA §363, sub-§§4 and 5, as repealed and replaced by PL
1987, c. 413, §4, are amended to read:

 
4. Allocation to Maine State Housing Authority. That portion
of the state ceiling allocated under this section to the category
of bonds for housing or housing-related purposes shall must be
allocated to the Maine State Housing Authority, which may further
allocate that portion of the state ceiling to bonds for housing-
related projects which that require an allocation in order to
qualify as tax-exempt bonds. Any further allocation or
reallocation of any portion of the state ceiling from the Maine
State Housing Authority to another specific issuer designated in
this section must be done in accordance with the requirements in
subsection 1-A.

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