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: […]
30-A §6013-A. Maine Municipal Bond Insurance Fund
§6013-A. Maine Municipal Bond Insurance Fund 1. Establishment. The Maine Municipal Bond Insurance Fund is established in the custody of the bank and under its jurisdiction and direction to provide credit enhancement in the form of bond insurance to municipalities, state instrumentalities and other governmental units on debt issued by them in the form of […]
30-A §6014. Governmental unit intercept
§6014. Governmental unit intercept The Treasurer of State may receive from the Federal Government any amount of money as appropriated, allocated, granted, turned over or in any way provided for the purposes of the bank or this chapter. Unless otherwise directed by federal authority, these amounts must be credited to and deposited in the General […]
30-A §6015. Undertakings of depositories
§6015. Undertakings of depositories 1. Undertakings; securities as collateral. All national banking associations or state banks, trust companies, savings banks, investment companies and other persons carrying on a banking business may give to the bank a good and sufficient undertaking with sureties approved by the bank to the effect that the national banking association or […]
30-A §6016. Purchase of municipal securities
§6016. Purchase of municipal securities 1. Contracts with bank; interest; terms; fees. Notwithstanding any general law or special Act applicable to or constituting any limitation on the maximum rate of interest per year payable on bonds or notes, or as to annual interest cost to maturity of money borrowed or received upon issuance of bonds […]
30-A §6017. Remedies on default of municipal securities
§6017. Remedies on default of municipal securities If a governmental unit defaults in the payment of interest on or principal of any municipal securities owned or held by the bank when due and payable by the governmental unit, the bank shall proceed to enforce payment under applicable provisions of law of the interest or principal […]
30-A §6018. Purchase of anticipation notes
§6018. Purchase of anticipation notes The bank may purchase notes of any governmental unit issued in anticipation of the sale of municipal securities in an amount not exceeding at any one time outstanding the authorized amount of those municipal securities. The issue and sale of those anticipation notes must be in accordance with the laws […]