An Act To Create and Sustain High-quality Maine Jobs
Sec. 1. 10 MRSA §1026-U is enacted to read:
§ 1026-U. Maine Capital Investment Program
The authority may require other terms or conditions of financial support under this subsection as the authority determines necessary and reasonable.
Sec. 2. Contingent effective date. This Act takes effect only upon the receipt by the Finance Authority of Maine for the Maine Capital Investment Fund under the Maine Revised Statutes, Title 10, section 1026-U of an appropriation or allocation by the Legislature or funds from another funding source in the amount of at least $250,000,000. The Finance Authority of Maine shall notify the Secretary of State, the Secretary of the Senate, the Clerk of the House of Representatives and the Revisor of Statutes when the funds are received pursuant to this section.
This bill creates the Maine Capital Investment Program within the Finance Authority of Maine to provide loans or bond funding to eligible business development projects that have projected costs of at least $50,000,000 or are projected to result in the creation or retention of at least 250 full-time employment positions that pay at least 125% of the state annual average weekly wage. The bill does not take effect until the authority receives funds for the program in the amount of at least $250,000,000.