LD 858
pg. 11
Page 10 of 14 PUBLIC Law Chapter 426 Page 12 of 14
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LR 787
Item 1

 
(2)__In instances of municipal indebtedness, a
development sinking fund account that is pledged to and
charged with the payment of the interest and principal
as the interest and principal fall due and the
necessary charges of paying interest and principal on
any notes, bonds or other evidences of indebtedness
that were issued to fund or refund the cost of the
affordable housing development program fund;

 
B.__Annually set aside all affordable housing tax increment
revenues on captured assessed values and deposit all such
revenues to the appropriate affordable housing development
program fund account established under paragraph A in the
following order of priority:

 
(1)__To the affordable housing development sinking fund
account, an amount sufficient, together with estimated
future revenues to be deposited to the account and
earnings on the amount, to satisfy all annual debt
service on bonds and notes issued under section 5250-D
and the financial plan; and

 
(2)__To the affordable housing project cost account, an
amount sufficient, together with estimated future
revenues to be deposited to the account and earnings on
the amount, to satisfy all annual affordable housing
project costs to be paid from the account;

 
C.__Make transfers between affordable housing development
program fund accounts established under paragraph A as
required, provided that the transfers do not result in a
balance in the affordable housing development sinking fund
account that is insufficient to cover the annual obligations
of that account; and

 
D.__Annually return to the municipal general fund any tax
increment revenues remaining in the affordable housing
development sinking fund account established under paragraph A in
excess of those estimated to be required to satisfy the
obligations of the development sinking fund account after taking
into account any transfers made under paragraph C. The
municipality, at any time during the term of the district, by
vote of the municipal officers, may return to the municipal
general fund any tax increment revenues remaining in the project
cost account established under paragraph A in excess of those
estimated to be required to satisfy the obligations of the
development project cost account after taking into account any
transfer made under paragraph C. In either case, the
corresponding amount of


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