LD 1199
pg. 14
Page 13 of 22 An Act To Establish the Lincoln and Sagadahoc Multicounty Jail Authority Page 15 of 22
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LR 571
Item 1

 
acting as lessee, purchaser, mortgagor, borrower or
contracting party; and

 
F.__Any combination of these purposes.

 
Bonds may be issued by the jail authority under this chapter
as general obligations of the jail authority or as special
obligations payable solely from particular funds. The
principal, premium and interest on all bonds must be payable
solely from the funds provided for that purpose from revenues.__
All bonds issued by the jail authority under this chapter are
legal obligations of the jail authority and the jail authority
is declared to be a quasi-municipal corporation within the
meaning of section 5701.__Bonds may be issued under this
chapter without obtaining the consent of any commission,
board, bureau or agency of the State.__Bonds issued by the
authority under this section are a municipal security as
defined by section 5903 and are eligible for purchase by the
Maine Municipal Bond Bank.__Except as provided in this
subchapter, bonds issued under this chapter by the jail
authority do not constitute a debt or liability of the State
or of either county in the jail authority or a pledge of the
faith and credit of the State or either county, and a
statement to that effect must be recited on the face of the
bonds.

 
2.__Notes.__The jail authority may also provide by
resolution of its board of directors for the issuance from
time to time of:

 
A.__Notes in anticipation of bonds authorized under this
chapter; or

 
B.__Notes in anticipation of the revenues to be collected
or received in any year.

 
Notes in anticipation of the receipt of federal or state
grants or other aid.__The issuance of these notes is governed
by the applicable provisions of this chapter relating to the
issuance of bonds, as long as notes in anticipation of revenue
mature no later than one year from those notes' respective
dates of issuance.__Notes issued in anticipation of federal or
state grants or other aid and renewals of grants or aid must
mature no later than the expected date, as determined by the
board of directors, of receipt of those grants or aid. The
board of directors may adjust the maturity date of notes
issued in anticipation of federal or state grants or other aid
to reflect changes in the expected date of receipt.__Notes in
anticipation of revenue issued to mature less than one year
from dates of issuance of the notes may be renewed from time
to time by the issuance of other notes, except that the period
from the date of an original note to the maturity of any note
issued to renew or


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