LD 1319, Page 300 - 121th Legislature, FIRST REGULAR Session

	The Treasurer of State may deposit an amount not to exceed
$4,000,000 in each calendar year with responsible financial
institutions authorized to do business in the State at a rate
of return not more than 2% per year below the rate of return
otherwise obtainable had the funds been invested with such
financial institutions for a similar term, as determined by
the treasurer, for periods not to exceed one year, provided
that each such financial institution covenants with the
treasurer as a condition of the deposit to loan an amount at
least equal to the amount so deposited with the financial
institution by the treasurer under this paragraph to
commercial enterprises approved by the treasurer pursuant to
this paragraph. All the loans ~~shall~~ must be at interest rates
~~which~~ that are below the interest rates the loans would have
borne under existing market conditions and loan standards of
the financial institution but for the deposit by the treasurer
under this paragraph, and the interest rates ~~shall~~ must fully
reflect the savings to the financial institution due to the
reduced interest rate paid on the deposit. Notwithstanding
any provisions of this section to the contrary, the treasurer
~~shall~~ is not be obligated to seek competitive bids for
investments or deposits pursuant to this paragraph. The
Finance Authority of Maine shall provide assistance to the
treasurer in implementing this paragraph. For purposes of
this paragraph, eligible commercial enterprises are for-profit
businesses with 20 or fewer employees or annual sales of less
than $2,500,000, whose sales of services or products are
primarily out of state or ~~which~~ that are manufacturers, ~~which~~
that are primarily owned and operated by Maine residents or by
corporations ~~which~~ that are primarily owned and operated by
Maine residents, when the treasurer determines that not less
than one job will be created or retained per $20,000 of
deposited funds. The maximum loan to any borrower for which a
deposit may be applied under this paragraph is $200,000, and
businesses ~~shall be~~ are eligible to receive subsidies pursuant
to this paragraph for a maximum of an aggregate of 24 months.
In adopting rules to implement this paragraph, the treasurer
shall consider criteria targeting loans under the program to
geographic areas of financial need, and may establish limits
on deposits to any one financial institution, further limits
on deposits supporting loans to any one borrower, and further
restrictions on eligibility.

Sec. T-4. 10 MRSA §3751, last ś, as repealed and replaced by PL 1977,
c. 707, §3, is amended to read:

The contents of an opened safe or box, if unclaimed, ~~shall~~
must be disposed of according to Title 33, chapter 27 41.

Sec. T-5. 10 MRSA §3953, as repealed and replaced by PL 1979, c.
641, §1, is amended to read:

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