Maine LD 586: An Act To Amend the Maine Economic Development Venture Capital Revolving Investment Program

LD 586 (subjects: FINANCE AUTHORITY , PROGRAMS )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=586&PID=1456&snum=127


Sponsors | Actions | Bill Text & Amendments | Patterns of Support


Sponsors

Principal Sponsor: Sen. Andre Cushing of Penobscot: (R – District 10) — e-mail | Twitter | Facebook

6 Cosponsors:

Actions

Chamber

Action
3/3/2015 Senate Committee on LABOR, COMMERCE, RESEARCH AND ECONOMIC DEVELOPMENT
suggested and ordered printed
On motion by Senator Volk of Cumberland REFERRED to the Committee on LABOR, COMMERCE, RESEARCH AND ECONOMIC DEVELOPMENT
Ordered sent down forthwith for concurrence.
3/3/2015 House Bill REFERRED to the Committee on LABOR, COMMERCE, RESEARCH AND ECONOMIC DEVELOPMENT.
In concurrence. ORDERED SENT FORTHWITH.
4/9/2015 Senate Report READ and ACCEPTED
READ ONCE
Committee Amendment “A” (S-26) READ and ADOPTED
ASSIGNED FOR SECOND READING NEXT LEGISLATIVE DAY.
4/14/2015 Senate COMMITTEE ON BILLS IN THE SECOND READING REPORTS NO FURTHER VERBAL AMENDMENTS NECESSARY, Senator Saviello, Senate Chair. REPORT ACCEPTED.
READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment “A” (S-26).
Ordered sent down forthwith for concurrence.
4/16/2015 House CONSENT CALENDAR – FIRST DAY
4/23/2015 House Committee on Bills in the Second Reading Reports no further verbal amendments necessary Representative McLEAN of Gorham, Chair, House of Representatives Report Accepted.
CONSENT CALENDAR – SECOND DAY.
The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment “A” (S-26).
In concurrence. ORDERED SENT FORTHWITH.
4/28/2015 House PASSED TO BE ENACTED.
Sent for concurrence. ORDERED SENT FORTHWITH.
4/29/2015 Senate PASSED TO BE ENACTED, in concurrence.

Bill Text & Amendments

Important Note: The bill text below presents L.D. 586 as originally introduced. L.D. 586 was changed by the legislature through amendment. To understand the impact of this legislation in proper context, be sure to read adopted amendment text, available here: C-A (S-26) .

An Act To Amend the Maine Economic Development Venture Capital Revolving Investment Program

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 10 MRSA 1026-N, sub- 3, as enacted by PL 1995, c. 424, 1, is amended to read:

3. Disbursements from fund. If an application is approved, the authority shall determine the amount to be invested in the private venture capital fund, taking into account:

A. The size of the region served by the private venture capital fund and the expected demand for venture capital investments in that region; and
B. The demand for venture capital investments from other eligible private venture capital funds in relation to the total amount available in the fund and whether an eligible private venture capital fund will serve a geographic area or segment of potential businesses not served by other applicants.

Funds must be disbursed directly to and retained by the eligible private venture capital fund in accordance with a contract of investment between the private venture capital fund and the authority. All money invested in the private venture capital fund by the authority must be held in the name of the authority. Investment earnings on amounts invested by the authority must be credited to the authority and periodically paid to the authority. Any uncommitted balances existing in the fund at any time may, at the discretion of the authority, be transferred to the Economic Recovery Program Fund established in section 1023-I.

summary

This bill allows the Finance Authority of Maine to transfer uncommitted balances within the Maine Economic Development Venture Capital Revolving Investment Program Fund to the Economic Recovery Program Fund, which is also administered by the Finance Authority of Maine.

Patterns of Support

Pattern of Cosponsorship by Region:

Pattern of Cosponsorship by Gender:

Pattern of Cosponsorship by Party:

Pattern of Cosponsorship by Campaign Finance Classification:

Note: Maine Clean Elections Act (MCEA) Qualified candidates only accept a small dollar value of initial contributions early in their campaigns, pledge not to accept further campaign contributions from private sources, and receive public funding for their campaigns. MCEA Non-Qualified candidates choose not to obtain public funding and instead are free to accept campaign contributions from individuals, party committees, political action committees and business sources.


This information about LD 586 was last updated on 2016-05-12.
The Open Maine Politics website is in a beta release and results should not be taken as definitive. Please visit the official website of the Maine State Legislature for entirely verifiable information.

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