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United States, in the gross income of the holders of the bonds to | | the same extent and in the same manner that the interest on the | | bills, bonds, notes or other obligations of the United States is | | includable in the gross income of the holders under the United | | States Internal Revenue Code of 1986 or any subsequent law. |
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| | | 11.__Pledge of security interests.__Any pledge or assignment | | of revenue or collateral or other security interests under this | | article is valid and binding and perfected from the time when the | | pledge is made.__All the revenues or collateral pledged by the | | authority is subject immediately to the lien of the pledge or | | assignment without any physical delivery or further action under | | the Uniform Commercial Code or otherwise.__The lien of any pledge | | or assignment and perfection is valid and binding against all | | parties having claims of any kind in tort, contract or otherwise | | against the authority, whether the parties have notice of the | | pledge or assignment. |
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| | | Sec. 8. 5 MRSA §13080-I, sub-§2, ¶B, as enacted by PL 1993, c. 474, §1, | | is amended to read: |
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| | | B. Apply to or limit the right of an obligee to foreclose | | or otherwise enforce a mortgage of the authority or to | | pursue remedies for the enforcement of a pledge or lien | | given by the authority on its rents, fees, grants or | | revenues or any other sources pledged by the authority to | | the payment of its bonds. |
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| | | Sec. 9. 5 MRSA §13080-K, sub-§2, as enacted by PL 1993, c. 474, §1, is | | amended to read: |
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| | | 2. Payment of bonds, premiums and interest. The bonds, | | premium, if any, and interest have been paid or a sufficient | | amount for the payment of the bonds and interest to maturity or a | | prior redemption date have been irrevocably set aside in trust | | for the benefit of the bondholders in accordance with agreements | | with the bondholders. |
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| | | Sec. 10. 5 MRSA §13080-N, sub-§5, as enacted by PL 1993, c. 729, §10, | | is amended to read: |
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| | | 5. Appropriation. On or before December 1st, annually, the | | authority shall certify to the Governor the amount, if any, | | necessary to restore the amount in any capital reserve fund. In | trust agreements or other pertinent documents between the | authority and the Governor | | subsection applies to the capital reserve requirement. The | | Governor shall pay from the Contingent Account to that fund as | | much of the amount as is available in the Contingent Account and | | shall transmit to the Legislature a certification and a statement |
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