| | |
11407; and a representative of the Governor designated each year by | | the Governor may reallocate, by written agreement executed by no | fewer than 56 | | amounts from one of the specific issuers designated in this section | | to another specific issuer. |
|
| | | Sec. 8. 10 MRSA §363, sub-§11, as enacted by PL 1999, c. 443, §4, is | | amended to read: |
|
| | | 11. Annual review. By March 15th of each year, each issuer | | identified in subsections 4 to 8 shall deliver a report to the | | Governor, the group of representatives described in subsection 1- | | A and the joint standing committee of the Legislature having | | jurisdiction over business and economic development matters. | | Each report must include, without limitation, a review of what | | bonds have been issued in the most recent year, how the state | ceiling was allocated or carried forward and who has benefited | from the proceeds of the tax-exempt bonds in that year | | demonstration of the benefits to the State of the allocation of | | the state ceiling to such issuer for the most recent year and a | | demonstration that allocation of the state ceiling is necessary | | to fulfill an unmet need for financing by the private sector. In | | addition, each report must be accompanied by the most recent | | annual audited financial statements of the issuer and by a letter | | from an independent accountant addressing the savings | | attributable to the use of tax-exempt financing and how that | | savings was passed on to the entities or individuals benefiting | | from the bond proceeds. |
|
| | | Sec. 9. 10 MRSA §965, sub-§4-A is enacted to read: |
|
| | | 4-A.__Director; serving on more than one board.__With the | | exception of a member serving in an ex officio capacity pursuant | | to subsection 4, a member may not serve at the same time as a | | director or officer of the Maine Educational Loan Authority, of | | any nonprofit corporation formed pursuant to the former Title 20, | | section 2237 and Title 20-A, section 11407 or of any entity that | | has a contract to provide a significant level of administrative | | services to the authority, to the Maine Educational Loan | | Authority or to any nonprofit corporation formed pursuant to the | | former Title 20, section 2237 and Title 20-A, section 11407. |
|
| | | Sec. 10. 20 MRSA §2237, as amended by PL 1989, c. 812, §2, is | | repealed. |
|
| | | Sec. 11. 20-A MRSA §11407, as amended by PL 1999, c. 443, §5, is | | further amended to read: |
|
| | | §11407. Authorization for Governor to request organizations of |
|
| | | corporations to acquire loan notes |
|
|
