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The authority may establish, pursuant to rules adopted in | | accordance with Title 5, chapter 375, subchapter 2, | | application procedures, approval criteria and reasonable fees | | for transmission facilities projects.__Rules adopted by the | | authority under this paragraph are routine technical rules | | pursuant to Title 5, chapter 375, subchapter 2-A.__In | | addition, the authority may require the applicant to pay the | | reasonable costs of an evaluation of the project risks by an | | independent consultant.__If the authority directs the | | applicant to pay for such an independent evaluation of the | | project, the authority shall make every reasonable effort, in | | its discretion, to minimize the cost of the evaluation and any | | delay such an evaluation may cause in authority action. |
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| | | The authority may not finance any project involving an | | electric transmission line capable of operating at 69 | | kilovolts or more unless the Public Utilities Commission has | | issued a certificate of public convenience for the | | construction of the line pursuant to Title 35-A, section | | 3132. |
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| | | Sec. 5. 10 MRSA §1053, sub-§6, as repealed and replaced by PL 1999, | | c. 531, Pt. G, §1, is amended to read: |
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| | | 6. Securities outstanding. The principal amount of revenue | | obligation securities the authority may have outstanding at any | | one time, to which subsection 5 is stated to apply in the trust | | agreement or other document, may not exceed an aggregate | principal amount equal to $777,000,000 |
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| | | A. The sum of $330,000,000 consisting of not more than | | $275,000,000 for loans and up to $55,000,000 for use of bond | | proceeds to fund capital reserve funds for revenue | | obligation securities issued pursuant to this subchapter | | relating to loans for electric rate stabilization projects; |
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| | | B. The sum of $120,000,000 consisting of not more than | | $100,000,000 for loans and up to $20,000,000 for use of bond | | proceeds to fund capital reserve funds for revenue | | obligation securities issued pursuant to this subchapter | | relating to loans for major business expansion projects; |
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| | | C. The sum of $57,000,000 consisting of not more than | | $45,000,000 for loans and up to $12,000,000 for use of bond | | proceeds to fund capital reserve funds for revenue | | obligation securities issued pursuant to this subchapter | | relating to workers' compensation residual market mechanism | | projects; |
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