Code of Maine Rules
28 - DEPARTMENT OF THE TREASURY
248 - TREASURER OF STATE
Chapter 102 - LINKED INVESTMENT PROGRAM FOR COMMERCIAL ENTERPRISES
- Section 248-102-I - Definitions
- Section 248-102-II - Eligibility
- Section 248-102-III - Application for Investment
- Section 248-102-IV - Investment Determination
- Section 248-102-V - Repealed
- Section 248-102-VI - Limitations on Amount of Investments Supporting Any Single Loan
- Section 248-102-VII - Limitation on Loan Recipients
- Section 248-102-VIII - State Funds Not urity for Loans
- Section 248-102-IX - Administration
- Section 248-102-X - Priority of Applications
- Section 248-102-XI - Transition
Summary: The purpose of this rule is to inform financial institutions and commercial enterprises of the standards and procedures applicable to the Linked Investment Program for Commercial Enterprises. Pursuant to 5 M.R.S.A. Section135, as enacted by P.L. 1988, c. 806, the Treasurer of State may invest up to $4,000,000 of State funds in financial institutions for up to one year, at a rate of return not more than 2% per year below the rate obtainable had the funds been otherwise invested with such financial institutions. The Treasurer may make such investments in support of a loan or loans made by such financial institutions to eligible commercial enterprises, provided such loans are made at interest rates which reflect the interest savings to the financial institutions resulting from the reduced rate paid on the State funds invested.
STATUTORY AUTHORITY: 5 M.R.S.A. §153 , 5 M.R.S.A. §5 M.R.S.A. § 135 .
