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 §6004. Resolutions and indentures
§6004. Resolutions and indentures 1. Trust agreement or trust indenture authorized. In any resolution of the bank authorizing or relating to the issuance of any bonds or notes, the bank, in order to secure the payment of those bonds or notes may, by provisions in the resolution, enter into any trust agreement or trust indenture […]
30-A §6005. Intent of pledge
§6005. Intent of pledge Any pledge of revenue or other money made by the bank is valid and binding when the pledge is made. The revenues or other money so pledged and thereafter received by the bank is immediately subject to the lien of the pledge without any physical delivery of the revenues or other […]
30-A §6006. Reserve fund
§6006. Reserve fund 1. Reserve fund. The bank shall establish and maintain a reserve fund called the “Maine Municipal Bond Bank Reserve Fund” in which there shall be deposited all money appropriated by the State for the purpose of that fund, all proceeds of bonds required to be deposited in the fund by terms of […]