30-A §6020. Form of municipal securities and investments
§6020. Form of municipal securities and investments All municipal securities or other investments of money of the bank permitted or provided for under this chapter shall at all times be purchased and held in fully marketable form, subject to provision for any registration in the name of the bank. All municipal securities at any time […]
30-A §6021. Presumption of validity
§6021. Presumption of validity After issuance, all bonds or notes of the bank are conclusively presumed to be fully authorized and issued under the laws of the State, and any person or governmental unit is estopped from questioning their authorization, sale, issuance, execution or delivery by the bank. [PL 1987, c. 737, Pt. A, […]
30-A §6022. Exemption of property from execution sale
§6022. Exemption of property from execution sale All property of the bank is exempt from levy and sale by virtue of an execution. No execution or other judicial process may issue against the bank’s property nor may any judgment against the bank be a charge or lien upon its property, provided that nothing in this […]
30-A §6023. Remedies of holders of bonds and notes
§6023. Remedies of holders of bonds and notes 1. Trustee. If the bank defaults in the payment of principal of or interest on any issue of bonds after the principal and interest become due, whether at maturity or upon call for redemption, and that default continues for a period of 30 days, or if the […]
30-A §6009. Application of money
§6009. Application of money Money or investments in any fund or account of the bank established or held for any bonds, notes, indebtedness or liability to be paid, funded or refunded by the issuance of bonds or notes shall, unless the resolution authorizing the bonds or notes provides otherwise, be applied to the payment or […]
30-A §6024. Personal liability
§6024. Personal liability Neither the commissioners of the bank nor any person executing bonds or notes issued under this chapter may be liable personally on those bonds or notes by reason of the issuance of the bonds or notes. [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 […]
30-A §6010. Purchase of bonds and notes of bank
§6010. Purchase of bonds and notes of bank The bank may purchase bonds or notes of the bank out of any funds or money of the bank available for that purpose. The bank may hold, cancel or resell these bonds or notes subject to and in accordance with agreements with holders of its bonds or […]
30-A §6011. Bonds as legal investments and security
§6011. Bonds as legal investments and security Notwithstanding any restrictions contained in any other law, the State and all public officers, governmental units and agencies of the State, all national banking associations, state banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on […]
30-A §6012. Tax exemptions
§6012. Tax exemptions All property of the bank and all bonds and notes issued under this chapter are deemed to constitute essential public and governmental purposes and the property and the bonds and notes so issued, their transfer and the income from those bonds and notes, including any profits made on the sale of the […]
30-A §6013. Insurance or guaranty
§6013. Insurance or guaranty 1. Insurance or guaranty authorized. The bank may obtain any insurance or guaranty from any department or agency of the United States or nongovernmental insurer, as to, or of, or for, the payment or repayment of, interest or principal, or both, or any part of the interest and principal on: […]