Whereas, the Maine Revised Statutes, Title 10, section 363 and Private and Special Law 2001, chapter 53 make a partial allocation of the state ceiling on private activity bonds to some issuers for calendar year 2003, but leave a portion of the state ceiling unallocated and do not provide sufficient allocations for certain types of private activity bonds that may require an allocation prior to the effective date of this Act if not enacted on an emergency basis; and

Whereas, if these bond issues are delayed due to lack of available state ceiling, the rates and terms under which these bonds may be issued may be adversely affected, resulting in increased costs to beneficiaries or even unavailability of financing for certain projects; and

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,

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

Sec. 1. Allocation to Treasurer of State. No portion of the state ceiling for calendar year 2003 was previously allocated to the Treasurer of State. Twenty million dollars of the state ceiling previously unallocated is now allocated to the Treasurer of State to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 5 for calendar year 2003. No portion of the state ceiling for calendar year 2004 is allocated to the Treasurer of State.

Sec. 2. Allocation to Finance Authority of Maine. The $30,000,000 of the state ceiling for calendar year 2003 previously allocated to the Finance Authority of Maine remains allocated to the Finance Authority of Maine to be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363, subsection 6 for calendar year 2003. Thirty million dollars of the state ceiling previously unallocated is now allocated to the Finance Authority of Maine to be used or reallocated in accordance with Title 10, section 363, subsection 6 for calendar year 2003. Thirty million dollars of the state ceiling for calendar year 2004 is allocated to the Finance Authority of Maine to be used or reallocated in accordance with Title 10, section 363, subsection 6.