All real and personal property owned by and in the name of the authority is deemed property of the State and entitled to the privileges and exemptions of property of the State, except insofar as waived by the duly authorized contract or other written instrument of the authority or by this chapter.

§705. Conflict of interest

A member, officer or employee of the authority may not acquire any interest, direct or indirect, in any contract or proposed contract of the authority or participate in any decision on any contract entered into by the authority if the member, officer or employee has any interest, direct or indirect, in any firm, partnership, corporation or association that is party to the contract or financially involved in any transaction with the authority.__This prohibition is not applicable to the acquisition of any interest in notes or bonds of the authority issued in connection with any contracts or agreements of the authority or to the execution of agreements by banking institutions for the deposit or handling of authority funds in connection with any contract.

SUMMARY

This bill creates the Maine Humanities Authority and gives the authority bonding authority for the purpose of financing, protecting or acquiring works of art, literature, archives and library acquisitions.