(3) The economic benefits expected to result from the development justify the risks associated with the authority's equity, loan or other interest in the property; and

E. At least 25% of the total cost to acquire, develop and bring the property to productive commercial use will be borne by the The municipality or, local development corporation or another entity will provide funding for the project equal to 25% of the funding that the authority provides to the project.

The authority may finance undeveloped land or personal property only if the undeveloped land or personal property is part of the overall development project.

Sec. 16. 5 MRSA §15302, sub-§3, ¶¶A and C, as enacted by PL 1999, c. 401, Pt. AAA, §3, are amended to read:

A. The Governor shall appoint 9 10 voting directors, 7 8 of whom must be representatives of targeted technologies. The other 2 directors must have demonstrated significant experience in finance, lending or venture capital. In making the appointments from targeted technologies, the Governor shall consider recommendations submitted by representatives of targeted technology sectors. Directors of the board appointed by the Governor are entitled to receive reimbursement at the legislative rate for necessary expenses for their attendance at authorized meetings of the board.

C. The President of the Maine Science and Technology Foundation or the president's designee and the Director of the State Planning Office or the director's designee are is an ex officio nonvoting directors director.

Sec. 17. 5 MRSA §15306, as enacted by PL 1999, c. 401, Pt. AAA, §3, is amended to read:

§15306. Liability of officers, directors and employees

All officers, directors, employees and other agents of the institute entrusted with the custody of the securities of the institute or authorized to disburse the funds of the institute must be bonded either by a blanket bond or by individual bonds