Sec. 4. Allocation to Maine Educational Loan Authority. No portion of the state ceiling for calendar year 2003 was previously allocated to the Maine Educational Loan Authority. No portion of the state ceiling for calendar year 2004 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 2003 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 2003. Forty million dollars of the state ceiling for calendar year 2004 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 2004.

Sec. 6. Unallocated state ceiling. Ninety-eight million five hundred eighty thousand dollars of the state ceiling for calendar year 2003 is unallocated and must be reserved for future allocation in accordance with applicable laws. One hundred forty-eight million five hundred eighty thousand dollars of the state ceiling for calendar year 2004 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 takes effect when approved.

SUMMARY

This bill establishes the allocations of the state ceiling on issuance of tax-exempt bonds for calendar years 2003 and 2004. Under federal law, a maximum of $228,580,000 in tax- exempt bonds benefiting private individuals or entities may be issued in Maine in 2003 and a maximum of $228,580,000 in tax- exempt bonds benefiting private individuals or entities may be issued in Maine in 2004. This bill allocates the state ceiling among the state-level issuers of tax-exempt bonds.