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 […]
30-A §6019. Agreements with financial institutions
§6019. Agreements with financial institutions 1. Agreements. The bank may enter into any agreements or contracts with any commercial banks, trust companies, banking or other financial institutions within or outside the State that are necessary, desirable or convenient in the opinion of the bank for the following purposes: A. To provide services to the […]
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 […]