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 §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 §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 […]
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 §2921. Purchase of public utility securities
§2921. Purchase of public utility securities 1. Authorizations of public utilities. Every public utility may: A. Contract to pay interest on, or an interest cost per year for, money borrowed from the bank and evidenced by its public utility bond purchased by the bank; [PL 1987, c. 141, Pt. A, §6 (NEW).] B. […]
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 §2922. Remedies on default of public utility securities
§2922. Remedies on default of public utility securities In the event of default by a public utility in the payment of interest on, or principal of, any public utility bond owned or held by the bank as and when due and payable the bank shall proceed to enforce or cause to be enforced payment pursuant […]
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 §2923. Purchase of anticipation notes
§2923. Purchase of anticipation notes The bank may purchase notes of any public utility issued in anticipation of the sale of public utility bonds in an amount not exceeding at any one time the outstanding authorized amount of the public utility bonds. In connection with any such purchase of anticipation notes, the bank may by […]
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 […]