Bill > LD1382

This bill establishes new loan provisions for the Dam Repair and Reconstruction Fund, specifically allowing municipalities, quasi-municipal corporations, or districts to request loans up to $1,000,000 for dam repair projects. The bill sets loan payback periods between 5 and 30 years, with the critical condition that the loan term cannot exceed the useful life of the proposed project. Additionally, the bill grants the department administering the fund the authority to require applicants to provide matching funds as a condition of loan consideration and enables the department to create a loan forgiveness program. The bill appears designed to provide financial support and flexibility for local governments and municipal entities seeking to repair or reconstruct dams, while also protecting the state's interests by ensuring loan terms are reasonable and potentially incentivizing local investment through matching fund requirements.

Agriculture and Natural Resources, Justice

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1382&snum=132