LD 1199
pg. 18
Page 17 of 22 An Act To Establish the Lincoln and Sagadahoc Multicounty Jail Authority Page 19 of 22
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LR 571
Item 1

 
bank or trust company or other financial institution or fiscal
agent to which money is paid shall act as trustee of the money
and shall hold and apply the money for the purposes pursuant to
this subsection, subject to any regulations as may be provided
in the resolution or trust agreement or as may be required by
this chapter.

 
6.__Remedies.__Any holder of bonds issued under this chapter
or of any of the coupons attached to those bonds, and the
trustee under any trust agreement, except to the extent the
rights given may be restricted by the resolution authorizing
the issuance of those bonds or trust agreement, may, either at
law or in equity, by suit, action, mandamus or other
proceeding, including proceedings for the appointment of a
receiver to take possession and control of the properties of
the jail authority, protect and enforce any and all rights
under the laws of the State or granted under this chapter or
under the resolution or trust agreement.__A holder of bonds or
a trustee may enforce and compel the performance of all duties
required by this chapter or by the resolution or trust
agreement to be performed by the jail authority or by any
officer of the jail authority, including the fixing, charging
and collecting of rates, fees and charges for the use of or
for the services and facilities furnished by the jail
authority, or if applicable, the making of any assessments
against the counties under section 1952.

 
7.__Refunding bonds.__The jail authority formed under this
chapter by resolution of its board of directors without
consent of either county may issue refunding bonds for the
purpose of paying any of its bonds at maturity or upon
acceleration of maturity or redemption of those bonds. The
refunding bonds may be issued at such time prior to the
maturity or redemption of the refunded bonds as the board of
directors determines to be in the public interest.__The
refunding bonds may be issued in sufficient amounts to pay or
provide the principal of the bonds being refunded, together
with any redemption premium on the bonds, any interest accrued
or to accrue to the date of payment of those bonds, the
expenses of issuance of the refunding bonds, the expenses of
redeeming the bonds being refunded and such reserves for debt
service or other capital or current expenses from the proceeds
of the refunding bonds as may be required by the trust
agreement or resolution securing bonds.__The issuance of
refunding bonds, the maturities and other details of the
issuance of refunding bonds, the security for the issuance of
refunding bonds, the rights of the holders of the issuance of
refunding bonds and the rights, duties and obligations of the
jail authority in respect of the same is governed by the
applicable provisions of this chapter relating to the issuance
of bonds.


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