5 §6203. Land for Maine's Future Fund
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 15-A: LAND FOR MAINE'S FUTURE HEADING: PL 1987, C. 506, §1 (NEW); 1989, C. 502, PT. A, §157 (RPR); 1989, C. 571, PT. B, §1 (RPR); 1993, C. 680, PT. A, § 14 (RPR)
Chapter 353: LAND FOR MAINE'S FUTURE HEADING: PL 1987, C. 506, §1 (NEW); 1989, C. 502, PT. A, §157 (RPR); 1989, C. 571, PT. B, §1 (RPR); 1993, C. 680, PT. A, §14 (RPR); 1993, C. 728, §1 (RPR); 1995, C. 462, PT. A, §8 (RPR)
§6203. Land for Maine's Future Fund
1. Fund established. There is established the Land for Maine's Future Fund that is administered by the board. The Land for Maine's Future Fund consists of the proceeds from the sale of any bonds authorized for the purposes set forth in subsection 3 and any funds received as contributions from private and public sources for those purposes. The Land for Maine's Future Fund must be held separate and apart from all other money, funds and accounts. Eligible investment earnings credited to the assets of the Land for Maine's Future Fund become part of the assets of that fund. Any balance remaining in the Land for Maine's Future Fund at the end of any fiscal year must be carried forward for the next fiscal year.
[ 1993, c. 728, §4 (AMD) .]
2. Fund available. The Land for Maine's Future Fund is available to state agencies and designated cooperating entities upon authorization of the board for the purposes identified in subsection 3.
[ 1993, c. 728, §4 (AMD) .]
3. Fund proceeds. The proceeds of the Land for Maine's Future Fund may be applied and expended to:
A. Acquire property or an interest in property that is determined by the board to be of state significance under the guidelines of this chapter; [1999, c. 769, §1 (AMD).]
B. When interest in land is acquired with proceeds from the Land for Maine's Future Fund, fund minor capital improvements on such lands and on adjoining lands in the same ownership or under the same management to improve accessibility, as long as these improvements do not exceed 5% of the appraised value of the acquired property; and [2009, c. 178, §1 (AMD).]
C. When interest in farmland is acquired with proceeds from the Land for Maine's Future Fund, fund the development of a business plan and capital improvements to provide for the land's continuing use as a working farm, as long as these improvements do not exceed 5% of the appraised value of the acquired property. Capital improvements under this paragraph may also be made on adjoining farmland in the same ownership or under the same management. [2009, c. 178, §2 (AMD).]
[ 2009, c. 178, §§1, 2 (AMD) .]
SECTION HISTORY
1987, c. 506, §§1,4 (NEW). 1993, c. 728, §4 (AMD). 1999, c. 769, §§1,2 (AMD). 2009, c. 178, §§1, 2 (AMD).