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may assume. The bonds of the authority do not constitute a debt of | | the State or of any agency or political subdivision of the State | | but are payable solely from the revenue of the authority, and | | neither the faith nor credit nor taxing power of the State or any | | political subdivision of the State is pledged to payment of the | | bonds. Notwithstanding any other provision of law, any bonds | | issued pursuant to this subchapter are fully negotiable. If any | | member of the board of trustees whose signature appears on the bond | | or coupons ceases to be a member of the board of trustees before | | the delivery of those bonds, that signature is valid and sufficient | | for all purposes as if that member of the board of trustees had | | remained a member of the board of trustees until delivery. |
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| | | Sec. 12. 5 MRSA §13120-I, sub-§3, as enacted by PL 2001, c. 703, §6, | | is amended to read: |
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| | | 3. Money received. All money received from any bonds issued | | must be applied solely for loans to municipalities or local | development corporations for community | | buildings, for the construction of proposed commercial facilities | | and improvement of existing or acquired commercial facilities and | | for the fulfillment of other undertakings that are within the | | power of the authority. There is created a lien upon the money | | until so applied in favor of the bondholders or any member of the | | board of trustees as may be provided in respect of the bonds. |
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| | | Sec. 13. 5 MRSA §13120-J, sub-§1, as enacted by PL 2001, c. 703, §6, | | is amended to read: |
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| | | 1. Acquisition of interest. A member of the board of | | trustees or employee of the authority may not acquire or hold a | direct or an indirect personal financial or personal |
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| | | A. An authority activity; |
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| | | B. Property or facilities included, planned to be included | | or expected to directly benefit from an authority activity; | | or |
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| | | C. A contract or proposed contract in connection with an | | authority activity. |
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| | | When an acquisition is involuntary, the interest acquired must be | | disclosed immediately in writing to the board of trustees and the | | disclosure must be entered in the board of trustees' minutes. |
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| | | Sec. 14. 5 MRSA §13120-N, as amended by PL 2003, c. 281, §§5 and 6, | | is further amended to read: |
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