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An Act To Make Changes to the Potato Marketing Improvement Fund
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 7 MRSA §974-A, sub-§1, ¶¶A and B, as enacted by PL 1987, c. 319, §4, are amended to read:
 
A. No state loan for any project under this article, the total cost of which exceeds $50,000$150,000, may exceed 45% of the project cost and no state loan may be provided for such a project unless the applicant demonstrates a commitment of private funds of at least 10% of the total cost of the project, except that, in order to encourage the undertaking of cooperative projects by 2 or more farmers, no state loan for such a project may exceed 50% of the total cost of the project and no state loan may be provided unless the cooperating farmers as a group demonstrate a commitment of private funds of at least 5% of the total cost of the project.
 
B. No state loan for any project under this article, the total cost of which is $50,000$150,000 or less, may exceed 55% of the total cost of the project.
 
SUMMARY
This bill increases the total amounts the State may loan from the Potato Marketing Improvement Fund from 45% of project cost to 55% of project cost for projects that cost more than $50,000 but less than $150,000. Loans for projects of $50,000 and under remain unchanged at 55% and loans for projects that exceed $150,000 remain unchanged at 45%.