Maine Revised Statutes

§4928. Bonds; issuance; separability of provisions

The authority may issue bonds from time to time to carry out the purposes of this subchapter. These bonds shall be secured in such manner as the authority may by resolution provide. The bonds shall be known as overboard discharge assistance bonds. The authority to issue the bonds under this subchapter constitutes a complete, additional and alternative method for the issuance of bonds from that authority provided in any other subchapter in this chapter. No limitation or restriction as to use of proceeds or total authorized amount of obligations outstanding stated in this subchapter may apply to bonds issued under any other subchapter of this chapter, nor may restrictions or limitations recited in other subchapters apply to bonds issued under this subchapter. Sections 4901 to 4907 do not apply to bonds issued under this subchapter. All other provisions of this chapter apply to bonds issued under this subchapter. [1989, c. 48, §§7, 31 (NEW).]

The authority shall not have, in the aggregate principal amount outstanding, overboard discharge assistance bonds in excess of $10,000,000. In computing the total amount of bonds of the authority which may at any time be outstanding, the amount of the outstanding bonds refunded or to be refunded from the proceeds of the sale of new bonds or by exchange of new bonds shall be excluded. [1989, c. 48, §§7, 31 (NEW).]

SECTION HISTORY
1989, c. 48, §§7,31 (NEW).

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