| | | 5. Public waste disposal corporations. Notwithstanding any | | law, charter, ordinance provision or limitation to the contrary, | | pursuant to any interlocal agreement entered into in accordance | | with Title 30-A, chapter 115, any 2 or more municipalities may | | organize or cause to be organized or may participate in one or | | more corporations organized as nonprofit corporations under Title | | 13, chapter 81, or Title 13-B for the purpose, among other | | permissible purposes, of owning or operating any one or more | | waste facilities described in subsection 4, paragraph A, and a | | subscribing municipality may agree in any such interlocal | | agreement to pay fees, assessments or other payments as described | | in subsection 4, paragraph B, for such term of years and on such | | other terms as the interlocal agreement may provide and may | | pledge the full faith and credit of the municipality to the same | extent provided in subsection 4, paragraph C. A corporation | described in this subsection is a public municipal corporation as | that term is used in Title 36, section 651, subsection 1, | paragraph D, and its real and personal property located in | subscribing, participating and associate member municipalities is | exempt from municipal property taxation to the extent provided by | Title 36, section 651, subsection 1, paragraph D. | | interlocal agreement or the articles of incorporation or bylaws | | of the corporation must provide that: |
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| | | A. The corporation must be organized and continuously | | thereafter operated as a nonprofit corporation, no part of | | the net earnings of which may inure to the benefit of any | | member, director, officer or other private person; |
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| | | B. The directors of the corporation must be elected by the | | municipal officers of the municipalities participating in | | the corporation; and |
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| | | C. Upon dissolution or liquidation of the corporation, | | title to all of its property vests in one or more of the | | municipalities participating in the corporation. |
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| | | Any interlocal agreement complying with the requirements of this | | subsection and subsection 6 must be a properly authorized, legal, | | valid, binding and enforceable obligation of the municipality, | | regardless of whether the agreement was authorized, executed or | | delivered prior to or after the effective date of this | | subsection. Any corporation organized in a manner that satisfies | | the requirements set forth in this subsection and subsection 6, | | whether organized prior to or after the effective date of this | | subsection, is deemed for all purposes as organized pursuant to | | this subsection. If so provided in the applicable interlocal | | agreement, any such corporation has the power, in addition to any | | other powers that may be delegated under Title 30-A, chapter 115, | | to issue, on behalf of one or more of the municipalities |
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