| | | Emergency preamble. Whereas, Acts of the Legislature do not become | | effective until 90 days after adjournment unless enacted as | | emergencies; and |
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| | | Whereas, Private and Special Law 1999, chapter 82, section 4 | | reallocated to the Maine Educational Loan Authority $10,000,000 | | of the state ceiling for calendar year 1999 originally allocated | | to the Finance Authority of Maine; and |
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| | | Whereas, the United States Internal Revenue Service has | | determined that the Finance Authority of Maine is the appropriate | | issuer of bonds to carry forward the $10,000,000 of the state | | ceiling for calendar year 1999 originally allocated to the | | Finance Authority of Maine; and |
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| | | Whereas, if these bond issues must be delayed because the State | | has reallocated to the Maine Educational Loan Authority | | $10,000,000 of the state ceiling for calendar year 1999 | | originally allocated to the Finance Authority of Maine, the | | Finance Authority of Maine may not be able to provide financing | | for students in a timely manner or the rates and terms under | | which these bonds may be issued may be adversely affected, | | resulting in increased costs to beneficiaries; and |
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| | | Whereas, in the judgment of the Legislature, these facts create | | an emergency within the meaning of the Constitution of Maine and | | require the following legislation as immediately necessary for | | the preservation of the public peace, health and safety; now, | | therefore, |
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| | | Be it enacted by the People of the State of Maine as follows: |
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| | | Sec. 1. Allocation to Finance Authority of Maine. The $10,000,000 of the | | state ceiling for calendar year 1999 originally allocated to the | | Finance Authority of Maine to be used for educational loans under | | Public Law 1999, chapter 443, then reallocated to the Maine | | Educational Loan Authority under Private and Special Law 1999, | | chapter 82, is reallocated to the Finance Authority of Maine to | | be used for educational loans pursuant to the Maine Revised | | Statutes, Title 20-A, chapter 417-B in accordance with Title 10, | | section 363, subsection 6. |
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| | | Emergency clause. In view of the emergency cited in the preamble, | | this Act takes effect when approved. |
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| | | This bill reallocates the $10,000,000 of the state ceiling for | | calendar year 1999 originally allocated to the Finance |
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