Maine Revised Statutes

§5953. Lending and borrowing powers generally

1. Powers.  For the purposes authorized by this chapter, the bank may:
A. Lend money to governmental units through the bank's purchase of municipal securities of governmental units in fully marketable form; [1987, c. 737, Pt. A, §2 (NEW); 1987, c. 737, Pt. C, §106 (NEW); 1989, c. 6, (AMD); 1989, c. 9, §2 (AMD); 1989, c. 104, Pt. C, §§8, 10 (AMD).]
B. Authorize and issue its bonds and notes payable solely from the revenues or funds available to the bank for that purpose; [1991, c. 605, §3 (AMD).]
C. Otherwise assist governmental units as provided in this chapter; and [1991, c. 605, §3 (AMD).]
D. Borrow money and make the borrowing proceeds available to the municipality at terms agreed upon by the bank and the municipality. [1993, c. 2, §6 (AMD).]
[ 1993, c. 2, §6 (AMD) .]
2. Payment; state not liable.  Bonds and notes of the bank issued under this chapter are not in any way a debt or liability of the State and do not constitute a loan of the credit of the State or create any debt or debts, liability or liabilities on behalf of the State or constitute a pledge of the faith and credit of the State. All bonds and notes of the bank issued under this chapter, unless funded or refunded by bonds or notes of the bank, are payable solely from revenues or funds pledged or available for their payment as authorized in this chapter. Each bond and note shall contain on its face a statement to the effect that the bank is obligated to pay the principal or interest and redemption premium, if any, and that neither the faith and credit nor the taxing power of the State is pledged to the payment of the principal of or the interest on the bonds or notes.
[ 1987, c. 737, Pt. A, §2 (NEW); 1987, c. 737, Pt. C, §106 (NEW); 1989, c. 6, (AMD); 1989, c. 9, §2 (AMD); 1989, c. 104, Pt. C, §§8, 10 (AMD) .]
3. Expenses.  All expenses incurred in carrying out the purposes of this chapter are payable solely from revenues or funds provided under this chapter. Nothing in this chapter may be construed to authorize the bank to incur any indebtedness or liability on behalf of or payable by the State.
[ 1987, c. 737, Pt. A, §2 (NEW); 1987, c. 737, Pt. C, §106 (NEW); 1989, c. 6, (AMD); 1989, c. 9, §2 (AMD); 1989, c. 104, Pt. C, §§8, 10 (AMD) .]
SECTION HISTORY
1987, c. 737, §§A2,C106 (NEW). 1989, c. 6, (AMD). 1989, c. 9, §2 (AMD). 1989, c. 104, §§C8,10 (AMD). 1991, c. 605, §§3,4 (AMD). 1991, c. 775, §2 (AMD). 1993, c. 2, §6 (AMD).