35-A §2901. Title
§2901. Title This chapter shall be known and may be cited as the “Maine Public Utility Financing Bank Act.” [PL 1987, c. 141, Pt. A, §6 (NEW).] SECTION HISTORY PL 1987, c. 141, §A6 (NEW).
35-A §2902. Findings and declaration of purpose
§2902. Findings and declaration of purpose It is declared to be in the public interest and to be the policy of the State: [PL 1987, c. 141, Pt. A, §6 (NEW).] 1. To promote markets for borrowing. To foster and promote by all reasonable means the provision of adequate markets and costs for borrowing […]
35-A §2903. Definitions
§2903. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1987, c. 141, Pt. A, §6 (NEW).] 1. Bank. “Bank” means the Maine Public Utility Financing Bank created by this chapter. [PL 1987, c. 141, Pt. A, §6 (NEW).] 2. Bondholder or holder […]
35-A §2904. Creation of bank and membership
§2904. Creation of bank and membership 1. Creation of bank. There is established a public body corporate and politic to be known as the “Maine Public Utility Financing Bank.” The bank is an instrumentality of the State exercising public and essential governmental functions and which has perpetual succession. The exercise by the bank of the […]
35-A §2905. Lending and borrowing powers generally
§2905. Lending and borrowing powers generally 1. Purchase of utility bonds. The bank, for the purposes authorized by this chapter, may lend money to public utilities by purchasing public utility bonds in full marketable form. [PL 1987, c. 141, Pt. A, §6 (NEW).] 2. Purpose of loans. Loans to public utilities may be made […]
35-A §2906. Corporate powers
§2906. Corporate powers 1. Powers. The bank, for carrying out the purposes of this chapter, has the following powers: A. To sue and be sued; [PL 1987, c. 141, Pt. A, §6 (NEW).] B. To adopt and have an official seal and alter that seal at pleasure; [PL 1987, c. 141, Pt. […]
35-A §2907. Prohibited acts and limitation of powers
§2907. Prohibited acts and limitation of powers Nothing in this chapter permits or authorizes the bank to: [PL 1987, c. 141, Pt. A, §6 (NEW).] 1. Loans. Make loans of money to any person other than a public utility or purchase securities issued by any person other than a public utility or for investment, […]
35-A §2908. Bonds and notes of the bank
§2908. Bonds and notes of the bank 1. Issuance of bonds; purposes. The bank may, from time to time, issue its bonds in such principal amounts as it determines necessary to provide funds for any purposes authorized by this chapter, including: A. The making of loans; [PL 1987, c. 141, Pt. A, §6 […]
35-A §2909. Resolutions and indentures
§2909. Resolutions and indentures 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 the bonds or notes and in addition to its other powers, shall have power by provisions in the resolution which constitute covenants by the bank […]
35-A §2910. Intent of pledge
§2910. Intent of pledge Any pledge of revenue or other money made by the bank is valid and binding from time to time when the pledge is made. The revenue or other money pledged and received by the bank is immediately subject to the lien of the pledge without any physical delivery of the revenue […]
35-A §2911. Reserves and funds
§2911. Reserves and funds 1. Establishment. The bank may establish such reserves and such other funds or accounts as may be, in its discretion, necessary, desirable or convenient to further the accomplishment of the purposes of the bank or to comply with the provisions of any agreement made by or any resolution of the bank. […]
35-A §2912. Personal liability
§2912. Personal liability Neither the commissioners of the bank nor any person executing bonds or notes issued pursuant to this chapter is liable personally on the bonds or notes by reason of the issuance of the bonds or notes. [PL 1987, c. 141, Pt. A, §6 (NEW).] SECTION HISTORY PL 1987, c. 141, §A6 […]
35-A §2913. Purchase of bonds and notes of bank
§2913. 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 the bonds or notes subject to and in accordance with agreements with holders of its bonds or […]
35-A §2914. Bonds as legal investments and security
§2914. Bonds as legal investments and security Notwithstanding any restrictions contained in any other law, the State and all public officers, governmental units and agencies; 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 a banking business; […]
35-A §2915. Tax exemptions
§2915. Tax exemptions All bonds and notes issued under this chapter are deemed to be held or issued in connection with essential public and governmental purposes and those bonds and notes so issued, their transfer and the income from them, including any profits made on their sale, are at all times exempt from taxation within […]
35-A §2916. Exemption of property from execution sale; actions to set aside resolutions
§2916. Exemption of property from execution sale; actions to set aside resolutions 1. Bank property exempt. All property of the bank is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against the bank’s property nor may any judgment against the bank be a charge […]
35-A §2917. Insurance or guaranty
§2917. Insurance or guaranty The bank may obtain from any department or agency of the United States or the State or nongovernmental insurer any insurance or guaranty, to the extent available, as to the payment or repayment of interest or principal, or both, or any part of the interest or principal, on any bonds or […]
35-A §2918. Annual report
§2918. Annual report No later than the last day of December, the bank shall make an annual report of its activities for the preceding fiscal year to the Governor. Each report shall set forth a complete operating and financial statement covering its operations during the year. The bank shall cause an audit of its books […]
35-A §2919. Additional powers
§2919. Additional powers In order to carry out the purposes and provisions of this chapter, the bank, in addition to any powers granted to it elsewhere in this chapter, may: [PL 1987, c. 141, Pt. A, §6 (NEW).] 1. Loans. In connection with any loan to a public utility, consider the need, desirability or […]
35-A §2920. Undertakings of depositories
§2920. Undertakings of depositories All national banking associations or state banks, trust companies, savings banks, investment companies and other persons carrying on a banking business may give the bank a good and sufficient undertaking with sureties that are approved by the bank to the effect that the national banking association or state bank or banking […]