§2211. Definitions As used in this article, unless the context otherwise indicates, the following terms have the following meanings. [PL 1989, c. 585, Pt. A, §7 (NEW).] 1. Bond. “Bond” means revenue obligation security. [PL 1989, c. 585, Pt. A, §7 (NEW).] 1-A. Agency. “Agency” means the Finance Authority of Maine. [PL […]
§2212. General powers The agency may, in addition to its other powers and in furtherance of the purposes of this chapter, assist itself or applicants, who shall be limited to municipalities and regional associations, in the financing of eligible projects by issuing revenue obligation securities; by issuing or providing securities for mortgage loans; drafting financial […]
§2213. Issuance of revenue obligation securities 1. Notice of intent to issue bonds; actions to contest validity. The agency may provide, at one time or from time to time, for the issuance of revenue obligation securities of the agency for the purposes authorized in this chapter. No revenue obligation securities of the agency may be […]
§2214. Trust agreements or other documents 1. Trust agreements or other documents. At the discretion of the agency, revenue obligation securities may be issued under this subchapter pursuant to a trust agreement or other document. The trust agreement or other document may: A. Pledge or assign the revenues or proceeds of the project or […]
§2215. Rentals and revenues 1. Provisions. Before issuing revenue obligation securities, the agency shall determine that there shall at all times be revenues and funds sufficient to: A. Pay the principal and interest of the securities as they become due and payable and, in its discretion, to create and maintain reserves for that purpose; […]
§2216. Remedies Any holder of revenue obligation securities or coupons issued under this subchapter and the trustee under any trust agreement, except as restricted by the trust agreement or applicable document, may, by appropriate legal action, protect and enforce any and all rights under the laws of this State or granted under this subchapter, the […]
§2217. Revenue refunding securities The agency may provide for the issuance of revenue refunding securities of the agency to refund any outstanding revenue securities issued under this subchapter or to refund any obligations or securities of any municipality, including the payment of any redemption premiums and any interest accrued or to accrue to the date […]
§2218. Tax exemption Revenue obligation securities issued under this article shall constitute a proper public purpose and the securities, their transfer and the income from them, including any profits made on their sale, shall at all times be exempt from taxation within the State, whether or not those securities, their transfer or the income from […]
§2219. Leasehold or other interests of lessee taxable The interest of the user of any project is subject to taxation in the manner provided for similar interests in Title 36, section 551, subject to Title 36, sections 655 and 656. [PL 1989, c. 585, Pt. A, §7 (NEW).] SECTION HISTORY PL 1989, c. 585, […]
§2220. Bonds as legal investments The revenue obligation securities of the agency and any loan or extension of credit issued under this article shall be legal investments in which all public officers and public bodies of the State, its political subdivisions, all regional associations and municipalities and municipal subdivisions, all insurance companies and associations and […]
§2221. Capital reserve funds; obligation of State 1. Capital reserve fund. The agency may create and establish one or more capital reserve funds and may pay into any such capital reserve fund any money appropriated and made available by the State for the purposes of any such fund, any proceeds of sale by the agency […]
§2222. Taxable bond option With respect to all or any portion of any issue of any bonds or any series of bonds which the agency may issue in accordance with the limitations and restrictions of this subchapter, the agency may covenant and consent that the interest on the bonds shall be includable, under the United […]
