Title 30-A: MUNICIPALITIES AND COUNTIES HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
Part 2: MUNICIPALITIES HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
Subpart 9: FISCAL MATTERS HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
Chapter 225: MAINE MUNICIPAL BOND BANK HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
Subchapter 3: FINANCIAL OPERATION HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
§6006-A. Revolving loan fund
1.Establishment; administration.
A revolving loan fund is established as provided in this section.
A. There is established in the custody of the bank a special fund, to be known as the revolving loan fund, that must be used
for the following purposes:
(1) To provide loans to municipalities for acquiring, designing, planning, constructing, enlarging, repairing or improving
publicly owned sewage systems and sewage treatment plants as provided in Title 38, section 411 and for implementing related
management programs;
(2) For remediation of municipal landfills that affect groundwater; or
(3) For any actions authorized under the federal Clean Water Act, 33 United States Code, Sections 1251 to 1387. [1995, c. 564, §2 (RPR).]
B. The bank shall administer the revolving loan fund. The fund shall be invested in the same manner as permitted for investment
of funds belonging to the State or held in the State Treasury. The fund shall be established and held separate and apart
from any other funds or money of the State or the bank and shall be used and administered exclusively for the purpose of this
section and section 5953-A. The fund shall consist of the following:
(1) Such sums as may be appropriated by the Legislature or transferred to the fund from time to time by the Treasurer of
State;
(2) Principal and interest received from the repayment of loans made from the fund;
(3) Capitalization grants and awards made to the State or an instrumentality of the State by the United States for any of
the purposes for which the fund has been established. These amounts shall be paid directly into the fund without need for
appropriation by the State;
(4) Interest earned from the investment of fund balances;
(5) Private gifts, bequests and donations made to the State for any of the purposes for which the fund has been established;
(6) The proceeds of notes or bonds issued by the bank for the purpose of deposit in the fund; and
(7) Other funds from any public or private source received for use for any of the purposes for which the fund has been established. [1989, c. 48, §§27, 31 (NEW).]
[
1995, c. 564, §2 (AMD)
.]
2.Uses.
The revolving loan fund may be used for one or more of the following purposes:
A. To make loans to municipalities under this section and section 5953-A; [1989, c. 48, §§27, 31 (NEW).]
B. To make loans to refund bonds or notes of a municipality issued after March 7, 1985 for the purpose of financing the construction
of any capital improvement or management program described in section 5953-A, subsection 1 and certified under section 5953-A,
subsection 3; [1989, c. 48, §§27, 31 (NEW).]
C. To guarantee or insure, directly or indirectly, the payment of notes or bonds issued or to be issued by a municipality for
the purpose of financing the construction of any capital improvement or management program described in section 5953-A, subsection
1 and certified under section 5953-A, subsection 3; [1989, c. 48, §§27, 31 (NEW).]
D. To guarantee or insure, directly or indirectly, funds established by municipalities for the purpose of financing construction
of any capital improvement described in section 5953-A, subsection 1; [1989, c. 48, §§27, 31 (NEW).]
E. To invest available fund balances and to credit the net interest income on those balances to the revolving loan fund; [1989, c. 48, §§27, 31 (NEW).]
F. To invest as a source of revenue or security for the payment of principal and interest on general or special obligations
of the bank if the proceeds of the sale of the obligations have been deposited in the fund, or as a source of revenue to subsidize
municipal loan payment obligations; [1989, c. 48, §§27, 31 (NEW).]
G. To pay the costs of the bank and the Department of Environmental Protection staff associated with the administration of
the revolving loan fund and projects financed by it; provided that no more than the lesser of 2% of the aggregate of the highest
fund balances in any fiscal year and 4% of any capitalization grants provided by the United States for deposit in the revolving
loan fund shall be used for these purposes; and [1989, c. 48, §§27, 31 (NEW).]
H. To pay the costs required under the Federal Water Pollution Control Act, Title VI. [1989, c. 48, §§27, 31 (NEW).]
[
1989, c. 48, §§27, 31 (NEW)
.]
3.Priorities for financial assistance.
Periodically, and at least annually, the Department of Environmental Protection shall prepare and certify to the bank a
project priority list of those municipalities whose publicly owned projects are eligible for financing or assistance under
this section. The factors to be considered in developing the priority list shall include, but are not limited to:
A. Water supply protection; [1989, c. 48, §§27, 31 (NEW).]
B. Shellfishery protection; [1989, c. 48, §§27, 31 (NEW).]
C. Nuisance conditions; [1989, c. 48, §§27, 31 (NEW).]
D. Fisheries protection; [1989, c. 48, §§27, 31 (NEW).]
E. Facility needs, including the availability of, or likely development of, cost-effective privately owned facilities or services
to meet the municipal need; and [1995, c. 564, §3 (AMD).]
F. Median household income. [1989, c. 48, §§27, 31 (NEW).]
[
1995, c. 564, §3 (AMD)
.]
4.Eligibility for financial assistance.
No financial assistance for a project may be granted under this section until the Department of Environmental Protection
certifies to the bank that the project is eligible for immediate financing under this section and is on the priority list
prepared under subsection 3.
[
1989, c. 48, §§27, 31 (NEW)
.]
5.Establishment of accounts.
The bank may establish accounts and subaccounts within the revolving fund as it determines desirable to effectuate the purposes
of this section, including, but not limited to, accounts to segregate a portion or portions of the revolving loan fund as
security for bonds issued by the bank for deposit in the revolving loan fund and to be invested for the benefit of specified
projects receiving financial assistance from the revolving loan fund.
[
1989, c. 48, §§27, 31 (NEW)
.]
SECTION HISTORY
1989, c. 48, §§27,31 (NEW).
1995, c. 564, §§2,3 (AMD).
Data for this page extracted on 10/16/2012 08:32:33.