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obligation bonds backed by the full faith and credit of the |
| counties.__Proceeds of the bonds or any part of the bonds may be |
| either loaned or contributed to the jail authority.__The |
| issuance of the bonds and the loaning or contributing of funds |
| to the jail authority formed under this chapter constitute a |
| valid purpose for which either county may raise or appropriate |
| money.__General obligation bonds issued by either county under |
| this section are municipal securities as defined in section |
| 5903, and are eligible for purchase by the Maine Municipal Bond |
| Bank. A county issuing bonds under this section and the jail |
| authority receiving the proceeds of the bonds may enter into |
| such contracts and agreements as they may agree upon, both with |
| each other and 3rd parties, establish trust or enterprise funds |
| to provide for timely payment of the bonds, employ a trustee and |
| do all things that may be necessary or convenient to the jail |
| authority or the county to make use of the bonds as may be |
| determined by the board of directors and the county |
| commissioners of the county issuing bonds. |
