CHAPTER 217
H.P. 1197 - L.D. 1697
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA §1026-O is enacted to read:
§1026-O. Employee stock ownership program
1. Insurance. In addition to its other powers under this chapter, the authority may maintain an employee stock ownership program under which the authority may insure up to 90% of payments with respect to loans made to assist employees seeking to purchase an interest in the business by which they are employed.
2. Reservation of insurance. The authority shall reserve $1,000,000 of the amounts available pursuant to section 1032 for the insurance of loans to employees seeking to purchase an interest in the business by which they are employed.
Sec. 2. 10 MRSA §1032, sub-§6, as repealed and replaced by PL 1993, c. 680, Pt. A, §19, is amended to read:
6. Obligations outstanding. The authority may not have at any one time outstanding obligations to which this section is stated in any agreement of the authority to apply in principal amount exceeding $150,000,000, less the amount of revenue obligation securities to which section 1053 is stated in the trust agreement or other document to apply. Amounts of revenue obligation securities that are not taken into account pursuant to section 1053, subsection 6, may not be taken into account for purposes of determining the amount that may be outstanding under this section. Of the $150,000,000, $1,000,000 must be reserved for loans insured pursuant to section 1026-O. Notwithstanding the foregoing, the authority may additionally have outstanding at any one time up to $3,500,000 of obligations relating to direct loans to students pursuing higher education.
Effective September 19, 1997, unless otherwise indicated.
| Revisor of Statutes Homepage | Subject Index | Search | Laws of Maine | Maine Legislature |
