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25,400 statutes · page 15 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
This section creates the Social Work Education Loan Repayment Program and sets eligibility criteria, fund administration rules, and the authority’s repayment duties.
The authority may not use proceeds from its revenue obligation securities to finance housing eligible for financing by the Maine State Housing Authority, except for certain property tied to imminent or actual default under the insurance program.
The authority may take a wide range of financing, property, contracting, and project-support actions for eligible projects and related purposes, and some recipients must provide project information.
The authority may assist applicants with financing projects, including by issuing revenue obligation securities and drafting or arranging related financing documents and sales.
The authority may approve or deny project applications and, before issuing a certificate of approval, must publish notice and find that the project meets specified criteria.
1. Notice of intent to issue bonds; actions to contest validity. The authority may provide, at one time or from time to time, for the issuance of revenue obligation securities of the authority for the purposes authorized in this chapter.
The authority may issue revenue obligation securities through a trust agreement or other document, and that document may set collateral, rights, remedies, covenants, mortgages, default remedies, and other security provisions.
Before issuing revenue obligation securities, the authority must determine there will always be enough revenues and funds to pay principal and interest, and to cover project maintenance and repairs unless another document provides otherwise.
Certain security holders and trustees may use legal action to enforce rights and compel the authority’s duties, unless the trust agreement or related document restricts that.
The authority may issue revenue refunding securities to refund certain outstanding securities or municipal obligations, and may also use them for related project costs or improvements.
Revenue obligation securities issued under this subchapter, and their transfer and income, are exempt from State taxation at all times.
The user's interest in a project is taxable under the rules for similar interests in Title 36, section 551, subject to sections 655 and 656.
Certain public bodies, financial institutions, fiduciaries, and other authorized investors may legally invest in these securities and related loans or credit extensions.
The Finance Authority of Maine is the successor to the former Maine Guarantee Authority, and the listed securities, mortgages, trust agreements, authorizations, financial documents, resolutions, and actions are treated as obligations, resolutions, or actions of the Finance Authority of Maine.
The authority may create and fund capital reserve funds, but the funds are subject to reserve requirements and limits on withdrawal and securities issuance.
The authority may agree that bond interest is taxable to holders, and challenges to bond issuance or related approvals must be filed within 30 days and served on the authority in hand.
The authority may use powers and authority previously granted to the former Maine Waste Management Agency for this chapter and Title 38, chapter 24.
For certain multi-family or single-family residential projects, the Maine State Housing Authority decides whether to approve or disapprove the project.
County commissioners may authorize the authority to issue certain bonds for the county, but only if federal law allows it and the bonds have not already been reallocated under specified sections.
A municipality may carry out listed project-financing and property powers, issue revenue obligation and refunding securities, contract, hire specialists, accept government aid, and make leases with certain statutory exceptions.
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