LD 1199
pg. 15
Page 14 of 23 PUBLIC Law Chapter 228 Page 16 of 23
Download Chapter Text
LR 571
Item 1

 
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;

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

 
C.__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 pay the original note or the interest on the
original note may not exceed one year.

 
The jail authority may enter into agreements with the State
Government or Federal Government, or any agency of either, or any
county, corporation, commission or board authorized to grant or
loan money or to otherwise assist in the financing of projects of
the type that the jail authority is authorized to carry out.__The
jail authority may also accept grants and borrow money from the
State Government or the Federal Government or any agency of
either, or any county, corporation, commission or board
authorized to grant or loan money as may be necessary or
desirable to accomplish the purposes of the jail authority.

 
3.__Maturity; interest; form; temporary bonds.__The bonds
issued under this chapter must be dated, must mature at such time


Page 14 of 23 Top of Page Page 16 of 23
Related Pages
  Search Bill Text Legislative Information
Bill Directory Search
Bill
Status
Session Information
119th Legislature Bills Maine Legislature

Office of Legislative Information
100 State House Station
Augusta, ME 04333
voice: (207) 287-1692
fax: (207) 287-1580
tty: (207) 287-6826
Word Viewer for Windows Disclaimer