Sec. 4. Allocation to Maine Educational Loan Authority. Ten million dollars of the state ceiling previously unallocated is now allocated to the Maine Educational Loan Authority to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 8 for calendar year 2002. No portion of the state ceiling for calendar year 2003 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 2002 previously allocated to the Maine State Housing Authority remains 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 for calendar year 2002. Forty million dollars of the state ceiling for calendar year 2003 is allocated to the Maine State Housing Authority to be used or reallocated in accordance with Title 10, section 363, subsection 4 for calendar year 2003.

Sec. 6. Unallocated state ceiling. One hundred thirty-five million dollars of the state ceiling for calendar year 2002 is unallocated and must be reserved for future allocation in accordance with applicable laws. One hundred forty-five million dollars of the state ceiling for calendar year 2003 is 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 effect when approved.

SUMMARY

This bill establishes the allocations of the state ceiling on issuance of tax-exempt bonds for calendar years 2002 and 2003. Under federal law, a maximum of $225,000,000 in tax-exempt bonds benefiting private individuals or entities may be issued in Maine in 2002 and a maximum of $225,000,000 in tax-exempt bonds benefiting private individuals or entities may be issued in Maine in 2003. This bill allocates the state ceiling among the state- level issuers of tax-exempt bonds.