§11491. Purpose; program established The Legislature finds and declares that the provision of a higher education for all residents of this State and for nonresidents attending institutions of higher education within this State who desire a higher education and are properly qualified is important to the welfare and security of this State and consequently is […]
§11492. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2003, c. 455, §2 (NEW).] 1. Authority. “Authority” means the Finance Authority of Maine established in Title 10, section 961 and its successors or assigns. [PL 2003, c. 455, §2 (NEW).] 2. Bonds. […]
§11493. Higher Education Loan Purchase Program 1. Program. The authority is authorized to carry out the program by issuing bonds for the purpose of financing eligible loans and may use any net earnings on those bonds to administer the program, to pay or further secure the bonds and to make eligible loans. [PL 2007, […]
§11494. Records confidential 1. Confidential information. Records containing any information acquired by the authority or a member, employee or agent of the authority from borrowers whose loans are financed by the authority are confidential for purposes of Title 1, section 402, subsection 3, paragraph A. [PL 2003, c. 455, §2 (NEW).] 2. Wrongful disclosure […]
§11495. Bonds 1. Issuance; purpose; payment; authorization; interim receipts or certificates. The authority may issue bonds for the purposes of this chapter, including financing eligible loans, which may include originating eligible loans, including consolidation loans, financing loans to eligible lenders to fund the origination of eligible loans and acquiring existing portfolios of eligible loans from […]
§11496-A. Capital reserve funds; obligation of the State 1. Capital reserve fund. The authority may create and establish one or more capital reserve funds and may pay into any capital reserve fund any money appropriated and made available by the State for the purposes of any such fund, any proceeds of the sale by the […]
§11496. Trust agreement; pledge of security 1. Trust agreement. Any bonds issued under this chapter may be secured by a trust agreement by and between any or all of the following: the authority, a financial institution, a credit union and a corporate trustee or trustees, which may be any trust company or bank having the […]
§11497. Loan transactions The authority may finance, sell, service, pledge, invest in, hold, trade, accept as collateral or otherwise deal in, acquire or transfer, all on such terms and conditions as the authority may specify, any eligible loan or portfolio of loans or loan pass-through certificate, pledge, including any pledge of loan revenue, loan participation […]
§11498. Tax exemption Bonds issued under this chapter constitute a proper public purpose and the securities, their transfer and the income from them, including any profits made on their sale, are at all times exempt from taxation within the State, whether or not those securities, their transfer or the income from them, including any profits […]
§11499-A. Taxable bond option With respect to all or any portion of any issue of any bonds or any series of bonds that the authority may issue in accordance with the limitations and restrictions of this chapter, the authority may covenant, elect and consent that the interest on the bonds be includable under the federal […]
§11499-B. Agreement of the State The State pledges to and agrees with the holders of any bonds issued under this chapter and with those parties who may enter into any contract with the authority pursuant to this chapter that the State will not limit, alter, restrict or impair the rights vested by this chapter in […]
§11499-C. Chapter cumulative; no notice required This chapter may not be construed as a restriction or limitation upon any powers that the authority might otherwise have under any laws of this State and this chapter is cumulative of any such powers. Neither the making of contracts nor the issuance of bonds pursuant to this chapter […]
§11499-D. Chapter liberally construed This chapter being necessary for the welfare of the State and its inhabitants must be liberally construed so as to effect its purposes. [PL 2003, c. 455, §2 (NEW).] SECTION HISTORY PL 2003, c. 455, §2 (NEW).
§11499. Bonds as legal investments Bonds issued by the authority under this chapter are securities in which all public officers and public bodies of the State and its political subdivisions; insurance companies and associations and other persons carrying on an insurance business; trust companies, banks, bankers, banking associations, savings banks and savings associations, including savings […]
