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Page 1 - 132LR0139(03)
STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-FIVE
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S.P. 293 - L.D. 678
An Act to Provide for the 2025 and 2026 Allocations of the State Ceiling on
Private Activity Bonds
Emergency preamble. Whereas, acts and resolves of the Legislature do not
become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, the Maine Revised Statutes, Title 10, section 363 and Private and Special
Law 2023, chapter 18 make a partial allocation of the state ceiling on private activity bonds
to some issuers for calendar year 2025 but leave a portion of the state ceiling unallocated
and do not provide sufficient allocations for certain types of private activity bonds that may
require an allocation prior to the effective date of this Act if it is not enacted on an
emergency basis; and
Whereas, if these bond issues must be delayed due to the lack of available state
ceiling, the rates and terms under which these bonds may be issued may be adversely
affected, resulting in increased costs to beneficiaries or even unavailability of financing for
certain projects; and
Whereas, in the judgment of the Legislature, these facts create an emergency within
the meaning of the Constitution of Maine and require the following legislation as
immediately necessary for the preservation of the public peace, health and safety; now,
therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. Allocation to Treasurer of State. The $5,000,000 of the state ceiling on
private activity bonds for calendar year 2025 previously allocated to the Treasurer of State
remains allocated to the Treasurer of State to be used or reallocated in accordance with the
Maine Revised Statutes, Title 10, section 363, subsection 5 for calendar year 2025. Five
million dollars of the state ceiling for calendar year 2026 is allocated to the Treasurer of
State to be used or reallocated in accordance with Title 10, section 363, subsection 5.
Sec. 2. Allocation to Finance Authority of Maine, including as successor to
Maine Educational Loan Authority. The $195,000,000 of the state ceiling on private
activity bonds for calendar year 2025 previously allocated to the Finance Authority of
Maine, including as successor to the Maine Educational Loan Authority, remains allocated
APPROVED
APRIL 25, 2025
BY GOVERNOR
CHAPTER
3
P & S LAW
Page 2 - 132LR0139(03)
to the Finance Authority of Maine to be used or reallocated in accordance with the Maine
Revised Statutes, Title 10, section 363, subsections 6 and 8 for calendar year 2025. An
additional $75,000,000 of the state ceiling on private activity bonds for calendar year 2025
previously unallocated is allocated to the Finance Authority of Maine to be used or
reallocated in accordance with Title 10, section 363, subsections 6 and 8 for calendar year
2025. Two hundred thirty-five million dollars of the state ceiling for calendar year 2026 is
allocated to the Finance Authority of Maine to be used or reallocated in accordance with
Title 10, section 363, subsections 6 and 8.
Sec. 3. Allocation to Maine Municipal Bond Bank. The $10,000,000 of the
state ceiling on private activity bonds for calendar year 2025 previously allocated to the
Maine Municipal Bond Bank remains allocated to the Maine Municipal Bond Bank to be
used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363,
subsection 7 for calendar year 2025. Ten million dollars of the state ceiling for calendar
year 2026 is allocated to the Maine Municipal Bond Bank to be used or reallocated in
accordance with Title 10, section 363, subsection 7.
Sec. 4. Allocation to Maine State Housing Authority. The $100,000,000 of
the state ceiling on private activity bonds for calendar year 2025 previously allocated to the
Maine State Housing Authority remains allocated to the Maine State Housing Authority to
be used or reallocated in accordance with the Maine Revised Statutes, Title 10, section 363,
subsection 4 for calendar year 2025. One hundred million dollars of the state ceiling for
calendar year 2026 is allocated to the Maine State Housing Authority to be used or
reallocated in accordance with Title 10, section 363, subsection 4.
Sec. 5. Unallocated state ceiling. Three million seven hundred eighty thousand
dollars of the state ceiling on private activity bonds for calendar year 2025 is unallocated
and must be reserved for future allocation in accordance with applicable laws. Thirty-eight
million seven hundred eighty thousand dollars of the state ceiling for calendar year 2026 is
unallocated and must be reserved for future allocation in accordance with applicable laws.
Emergency clause. In view of the emergency cited in the preamble, this legislation
takes effect when approved.