Sec. 4. Allocation to Maine Educational Loan Authority. The $10,000,000 of the state ceiling for calendar year 2001 previously allocated to the Maine Educational Loan Authority remain allocated to the Maine Educational Loan Authority to be used in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 8 for calendar year 2001. No portion of the state ceiling for calendar year 2002 is allocated to the Maine Educational Loan Authority.

Sec. 5. Allocation to Maine State Housing Authority. The $40,000,000 of the state ceiling for calendar year 2001 previously allocated to the Maine State Housing Authority are allocated to the Maine State Housing Authority to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 4 in calendar year 2001. Thirty-five million dollars of the state ceiling previously unallocated are now allocated to the Maine State Housing Authority to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 4. Forty million dollars of the state ceiling for calendar year 2002 are allocated to the Maine State Housing Authority to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 4 in calendar year 2002.

Sec. 6. Allocation to Maine Educational Loan Marketing Corporation. No portion of the state ceiling for calendar year 2001 is allocated to the Maine Educational Loan Marketing Corporation. No portion of the state ceiling for calendar year 2002 is allocated to the Maine Educational Loan Marketing Corporation.

Sec. 7. Unallocated state ceiling. Sixty-two million five hundred thousand dollars of the state ceiling for calendar year 2001 are unallocated and must be reserved for future allocation in accordance with applicable laws. One hundred fifty million dollars of the state ceiling for calendar year 2002 are unallocated and must be reserved for future allocation in accordance with applicable laws.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

SUMMARY

This bill establishes the allocations of the state ceiling on issuance of tax-exempt bonds for calendar years 2001 and 2002. Under federal law, a maximum of $187,500,000 in tax-exempt bonds benefiting private individuals or entities may be issued in Maine in 2001 and a maximum of $225,000,000 in tax-exempt bonds benefiting private individuals or entities may be issued in Maine in 2002. This bill allocates the state ceiling among the state- level issuers of tax-exempt bonds.