LD 847
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LD 847 Title Page An Act To Offer Zero-interest Loans to Employers Providing Bicycle Facilities ... Page 2 of 2
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LR 1064
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 10 MRSA c. 110, sub-c. 11-A is enacted to read:

 
SUBCHAPTER 11-A

 
I.BICYCLING ASSISTANCE LOAN PROGRAM

 
§1100-Z.__Bicycling Assistance Loan Program

 
1.__Program established. The Bicycling Assistance Loan
Program, referred to in this subchapter as "the program," is
established within the authority to be administered by the
authority through approved lenders. The purpose of the program
is to subsidize interest costs of loans made to eligible
businesses for the purchase and installation of bicycle racks,
showers and changing rooms by that entity for its employees.
The program subsidizes loan interest rates made by approved
lenders to achieve an effective interest rate to borrowers of
0%.

 
2. Sources of funds.__Payments under the program to approved
lenders equal to the present value of the total interest costs
charged to the borrower by the lender over the term of a
qualifying loan are to be charged by the authority to the Fund
for a Healthy Maine, as provided in Title 22, section 1511,
subsection 6.__The authority may not charge payments for loan
subsidies under this subchapter to the Fund for a Healthy
Maine unless the authority first determines that sufficient
funds exist in the Fund for a Healthy Maine to pay the amount
to be charged.

 
3.__Rules.__The authority shall adopt rules to implement the
program.__These rules must include, but are not limited to,
criteria for determining qualified lenders, eligibility
requirements for participation in the program by businesses,
the maximum amount of loan or interest subsidy permitted under
the program and the maximum term of loans allowed under the
program.__Rules adopted under this section are major
substantive rules pursuant to Title 5, chapter 375, subchapter
2-A.

 
Sec. 2. 22 MRSA, §1511, sub-§6, ¶¶G and H, as enacted by PL 1999, c.
401, Pt. V, §1, are amended to read:

 
G. Substance abuse prevention and treatment; and

 
H. Comprehensive school health programs, including
school-based health centers.; and

 
Sec. 3. 22 MRSA §1511, sub-§6, ¶I is enacted to read:


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