| | | The authority may finance undeveloped land or personal property | | only if the undeveloped land or personal property is part of the | | overall development project. |
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| | | Sec. 19. 5 MRSA §15302, sub-§3, ¶¶A and C, as enacted by PL 1999, c. | | 401, Pt. AAA, §3, are amended to read: |
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| | A. The Governor shall appoint 97 | | 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. |
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| | C. The President of the Maine Science and Technology | Foundation or the president's designee and the | the State Planning Office or the director's designee are | an ex officio nonvoting directors |
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| | | Sec. 20. 5 MRSA §15306, as enacted by PL 1999, c. 401, Pt. AAA, §3, | | is amended to read: |
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| | | §15306. Liability of officers, directors and employees |
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| | | 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 | | with a minimum limitation of $100,000 coverage for each person | | covered by the bond or bonds, or equivalent fiduciary liability | | insurance, conditioned upon the faithful performance of their | | duties. The premiums for the bond or bonds must be paid out of | | the assets of the institute. |
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| | | Sec. 21. 5 MRSA §15308, sub-§2, as enacted by PL 1999, c. 401, Pt. | | AAA, §3, is repealed. |
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| | | Sec. 22. 10 MRSA §363, sub-§1-A, as amended by PL 2003, c. 385, §1, is | | further amended to read: |
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| | | 1-A. Procedure. For each calendar year, the Legislature may | | establish a procedure for allocation of the entire amount of the | | state ceiling by allocating an amount of the state ceiling to the | | specific issuers designated in this section for further | | allocation by each specific issuer to itself or to other issuers |
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