LD 1766
pg. 20
Page 19 of 21 PUBLIC Law Chapter 537 Page 21 of 21
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LR 2611
Item 1

 
Sec. 48. 10 MRSA §1041-A, first ¶, as enacted by PL 1991, c. 606, Pt. F,
§2, is amended to read:

 
The authority may not provide financing from proceeds of
revenue obligation securities issued by the authority for any
housing that is eligible for financing by the Maine State Housing
Authority except with respect to property that the authority has
acquired or may acquire on account or in anticipation of imminent
or actual default under the mortgage insurance program.

 
Sec. 49. 10 MRSA §1044, sub-§9, as amended by PL 1985, c. 714, §31, is
further amended to read:

 
9. Credit not pledged. Except as provided in this subsection,
securities issued under this subchapter shall do not constitute
any debt or liability of the State or of any municipality therein
or any political subdivision thereof, or of the authority or a
pledge of the faith and credit of the State or of any such
municipality or political subdivision, but shall be are payable
solely from the revenues of the project or projects for which
they are issued or from other eligible collateral or the revenues
or proceeds of other eligible collateral pledged to the payment
of the revenue obligation securities and all such securities
shall must contain on their face a statement to that effect. The
issuance of securities under this subchapter shall does not
directly or indirectly or contingently obligate the State or any
municipality or political subdivision to levy or to pledge any
form of taxation whatever therefor or to make any appropriation
for their payment. Under subchapter II 2, the authority may
insure mortgage loans made with the proceeds of revenue
obligation securities. To these ends, the faith and credit of the
State may be pledged, under and consistent with the terms and
limitations of the Constitution of Maine, Article IX, Section 14-
A or 14-D, and such further limitations, if any, as may be
provided by statute.

 
Sec. 50. 10 MRSA §1044, sub-§11, as enacted by PL 1985, c. 344, §71,
is repealed and the following enacted in its place:

 
11.__Environmental protection.__For all revenue obligation
securities in excess of $1,000,000 and in other instances when
the authority determines it is appropriate, the authority shall
obtain a written assessment from the Department of Environmental
Protection of the environmental conditions known by the
department to exist at a project location so that the authority
fully considers environmental risks when making its decisions.__
Environmental conditions posing risks that must be considered
include, but are not limited to, licensing obligations, existing


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